Syllabus

Introduction

1.1What Is Economics? Scarcity, Choice, and Economic Models1.2Economic Methodology and the Evolution of Economic Thought

Microeconomics

2.1Demand2.2Supply2.3Competitive Market Equilibrium2.4Critique of the Maximizing Behaviour of Consumers and Producers2.5Elasticities of Demand2.6Elasticity of Supply2.7Role of Government in Microeconomics2.8Market Failure: Externalities and Common Pool Resources2.9Market Failure: Public Goods2.10Market Failure: Asymmetric Information2.11Market Failure: Market Power2.12The Market’s Inability to Achieve Equity

Macroeconomics

3.1Measuring Economic Activity and Illustrating Its Variations3.2Variations in Economic Activity: Aggregate Demand and Aggregate Supply3.3Macroeconomic Objectives3.4Economics of Inequality and Poverty3.5Demand Management (Monetary Policy)3.6Demand Management (Fiscal Policy)3.7Supply-side Policies

Global Economy

4.1Benefits of International Trade4.2Types of Trade Protection4.3Arguments for and against trade control/protection4.4Economic Integration4.5Exchange Rates4.6Balance of Payments4.7Sustainable Development4.8Measuring Development4.9Barriers to Economic Growth and/or Economic Development4.10Economic Growth and/or Economic Development Strategies