This course introduces students to the nature of economics and attempts to show how the many actions and decisions made by the various players in the economy impact our lives. Consumers, firms and governments in our local and domestic economy are the major players examined. The effects of the foreign sector, i.e. trade, will also be looked at.
Economic models presented:
1. Production possibilities
2. Demand, supply and market equilibrium
3. Applications of demand and supply
4. Elasticity and its many uses
5. Government policy and how it influences the market: taxes [i.e. who pays the tax ???...!!!!]; price and quantity controls [i.e. minimum/living wages and employment]; welfare effects of government policy on consumers and firms
6. Theory of the consumer: total and marginal utility; prices consumers pay and quantities bought
7. Theory of the firm: cost and production theory
b. market structures - competition, monopoly, oligopoly and other imperfect market structures
8. Trade and its effects on local markets, consumers and firms
Economic models presented:
1. Production possibilities
2. Demand, supply and market equilibrium
3. Applications of demand and supply
4. Elasticity and its many uses
5. Government policy and how it influences the market: taxes [i.e. who pays the tax ???...!!!!]; price and quantity controls [i.e. minimum/living wages and employment]; welfare effects of government policy on consumers and firms
6. Theory of the consumer: total and marginal utility; prices consumers pay and quantities bought
7. Theory of the firm: cost and production theory
b. market structures - competition, monopoly, oligopoly and other imperfect market structures
8. Trade and its effects on local markets, consumers and firms