INTRODUCTION TO ECONOMICS (4 Credits)
Learning Outcomes:
On successful completion of this course, student will be able to: Explain basic concept of economic theory; Calculate consumer behavior, producer behavior, and market equilibrium (Microeconomics) and inflation, unemployment, and economic growth (Macroeconomics); Analyze market structures in microeconmics markets, goods market and financial markets in macroeconomics markets, and economic system and economic crisis.
Topics:
The Scope and Method of Economics and The Economic Problem: Scarcity and Choice; Demand, Supply, and Market Equilibrium, Demand and Supply Applications and Elasticity; Household Behavior and Consumer Choice; The Production Process: The Behavior of Profit-Maximizing Firms; Short-Run Costs and Output Decisions; Long-Run Costs and Output Decisions; Input Demand: The Labor and Land Markets; Input Demand: The Capital Market and the Investment Decision; General Equilibrium and the Efficiency of Perfect Competition; Monopoly and Antitrust Policy; Oligopoly; Monopolistic Competition; Externalities, Public Goods, Social Choice Uncertainty and Asymmetric Information; Income Distribution, Poverty and Public Finance: The Economics of Taxation; Introduction to Macroeconomics, Measuring National Output and National Income; Unemployment, Inflation, and Long-Run Growth; Aggregate Expenditure and Equilibrium Output; The Government and Fiscal Policy; The Money Supply and the Federal Reserve System; Money Demand and the Equilibrium Interest Rate; Financial Crises, Stabilization, and Deficits; Household and Firm Behavior in the Macroeconomy; Long-Run Growth; Alternative Views in Macroeconomics; Aggregate Demand in the Goods and Money Markets; Aggregate Supply and the Equilibrium Price Level; The Labor Market In the Macro economy; International Trade, Comparative Advantage, and Protectionism; Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates ; Economic Growth in Developing and Transitional Economies.
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