Eco_1_syllabus - Principles of Economics Casey Quinn...

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1 Principles of Economics Casey Quinn Instructor: Casey Quinn Office: Rauch Business Centre, Rm 459 Phone: 610-758-3445 Email: [email protected] Office Hours: M, W, 2 – 5pm Office hours are based on the likelihood of my being around. Contact me if you need to see me at any other time. Assistant: tba Course: ECO 001 Spring 2008 Lectures: M, W, F, 10.10 – 11am Rauch 184 Recitations: Sections 312-319, inclusive Course Description Principles of Economics is a general introduction to economics and economic thinking. The topics covered will be: consumers and consumer behaviour; supply and demand; market equilibrium and prices; pricing and production decisions of firms; different types of market; taxation, regulation, inequality and the role of government; national income; money, monetary policy and banking; and fiscal policy and government finance. Course Goals After this course you should be able to 1. Know and understand key components of economic thinking such as scarcity, opportunity cost, demand and supply elasticity, inflation, unemployment, Gross Domestic Product, efficiency, equity and positive and normative analysis. 2. Explain and analyse economic concepts verbally, mathematically and/or graphically. 3. Properly identify a Production Possibility Frontier, as well as use one to demonstrate efficiency, potential economic growth and opportunity cost. 4. Understand and illustrate the convergence of supply and demand to market equilibria. 5. Explain and analyse upper and lower limits on market price and tax burdens, using models of supply and demand. 6. Explain short-and long-run production costs of the firm.
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2 7. Describe and analyse profit-maximising behaviour of the firm in competitive and other types of markets, and compare the relative efficiency of each type. 8.
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Eco_1_syllabus - Principles of Economics Casey Quinn...

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