Chapter 01 - 1 1 1 ECONOMIC ISSUES AND CONCEPTS Slides by...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1 1- 1 ECONOMIC ISSUES AND CONCEPTS Slides by Alex Stojanovic with additions by Winston Moore 1- 2 Lecturers • Winston Moore RM 29 Department of Economics Tel. 417-4275 Fax 417-4270 Email [email protected] 1- 3 Course Requirements • Two one hour lecturers per week • One tutorial – problems are assigned the week before and should be prepared before attending the tutorial • Evaluation – one two hour exam. 1- 4 Course Materials • Textbooks – Lipsey, R. and K. Chrystal (2004). Economics , Oxford University Press, Oxford (Tenth Edition). – Salvatore, D. (1992). Schaum’s Outlines: Microeconomic Theory . McGraw -Hill (Third Edition). • Students should register for the course on WebCTto access lecture slides, tutorial problems and other material. 1- 5 Course Objectives • This module aims to provide students with a thorough grounding in the basic principles of microeconomics and exposure to a range of applications of the theory. • After completion, students should have a solid grasp of the basic theoretical material and be able to demonstrate knowledge of important areas of application. 1- 6 Course Outline • Topic 1 Economic Issues and How Economists Work • Topic 2 Demand, Supply, and Price • Topic 3 Elasticity of Demand and Supply • Topic 4 Demand Analysis 1: Marginal Utility • Topic 5 Demand Analysis 11: Indifference Theory • Topic 6 The Cost Structure of Firms in the Short Run • Topic 7 The Cost Structure of Firms in the Long Run • Topic 8 Perfect Competition • Topic 9 Monopoly • Topic 10 Imperfect Competition • Topic 11 Demand and Supply of Inputs • Topic 12 Market Success and Market Failure • Topic 13 Government Success and Government Failure 2 1- 7 Learning Outcomes for this Lecture • Modern market economy uses price signals to solve the complex problems involved in using resources to produce goods and services that people want • The choice between competing demands for scarce resources • Interaction between production, employment and consumption decisions • Market economy generally delivers outcomes desired by consumers • Governments step in when markets fail to produce results that are regarded as successful 1- 8 What is Microeconomics? • The branch of economics that deals with the behaviour of the individual producer and consumer, particularly as decisions are made with respect to the allocation of limited resources. 1- 9 Self Organisation • Who coordinates all the transactions that occur in an economy? • No one! – By following there own self -interest, doing what seems best and most profitable for themselves, people produce a spontaneous social order. • Scottish economist and political philosopher Adam Smith was the first to develop this concept....
View Full Document

This note was uploaded on 11/12/2011 for the course ECON 2009 taught by Professor Mr.norvill during the Spring '11 term at University of the West Indies at Mona.

Page1 / 8

Chapter 01 - 1 1 1 ECONOMIC ISSUES AND CONCEPTS Slides by...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online