ECONOMICS THEORY (4 Credits)

Learning Outcomes:

On successful completion of this Course, students will be able to: Explain basic concept of economic theory; Apply consumer behavior, producer behavior, and market equilibrium; Analyze market structures; Measure inflation, unemployment, and economic growth; Analyze goods market and financial markets; Analyze economic system and economic crisis

Topics:

1. The Scope and Method of Economics and The Economic Problem: Scarcity and Choice;
2. Demand, Supply, and Market Equilibrium, Demand and Supply Applications and Elasticity;
3. Household Behavior and Consumer Choice;
4. The Production Process: The Behavior of Profit-Maximizing Firms;
5. Short-Run Costs and Output Decisions;
6. Long-Run Costs and Output Decisions;
7. Input Demand: The Labor and Land Markets;
8. Input Demand: The Capital Market and the Investment Decision;
9. General Equilibrium and the Efficiency of Perfect Competition;
10. Monopoly and Antitrust Policy;
11. Oligopoly;
12. Monopolistic Competition;
13. Externalities, Public Goods, Social Choice Uncertainty and Asymmetric Information;
14. Income Distribution, Poverty and Public Finance: The Economics of Taxation;
15. Introduction to Macroeconomics, Measuring National Output and National Income;
16. Unemployment, Inflation, and Long-Run Growth;
17. Aggregate Expenditure and Equilibrium Output;
18. The Government and Fiscal Policy;
19. The Money Supply and the Federal Reserve System;
20. Money Demand and the Equilibrium Interest Rate;
21. Financial Crises, Stabilization, and Deficits;
22. Household and Firm Behavior in the Macroeconomy;
23. Long-Run Growth;
24. Alternative Views in Macroeconomics;
25. Aggregate Demand in the Goods and Money Markets;
26. Aggregate Supply and the Equilibrium Price Level;
27. The Labor Market In the Macro economy;
28. International Trade, Comparative Advantage, and Protectionism;
29. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates;
30. Economic Growth in Developing and Transitional Economies.