ECN1145 Economics

COURSE DESCRIPTION

The Economics course provides a comprehensive exploration of the principles and concepts that govern economic activity, decision-making, and policy formulation. It covers fundamental topics such as supply and demand, market structures, fiscal and monetary policy, and international trade. Designed for students and professionals alike, this course aims to equip learners with the analytical tools needed to understand and interpret economic phenomena in both microeconomic and macroeconomic contexts.

By delving into economic theories, real-world applications, and policy implications, participants will gain a solid foundation for making informed decisions in various economic environments.

Key Points

1. Understanding Supply and Demand Dynamics: This key point introduces the foundational concepts of supply and demand, exploring how market equilibrium is established and how changes in these forces impact prices and quantities. It emphasizes the importance of elasticity, shifts in supply and demand curves, and the role of government interventions. Participants will learn to analyze market behaviors, predict outcomes, and understand how market forces shape economic activity.
2. Exploring Market Structures and Competition: The course delves into different market structures, including perfect competition, monopolistic competition, oligopoly, and monopoly. It examines how the degree of competition within a market influences pricing, production, and consumer welfare. By understanding the characteristics and outcomes of various market structures, learners will gain insights into the strategic behavior of firms, market power, and the implications for economic efficiency.
3. Macroeconomic Indicators and Economic Health: This section focuses on key macroeconomic indicators such as GDP, inflation, unemployment, and economic growth. It discusses how these indicators are measured, their significance, and how they reflect the overall health of an economy. By analyzing economic fluctuations, participants will gain a deeper understanding of the business cycle, economic growth, and the factors influencing economic stability.
4. Fiscal and Monetary Policy: The course covers the tools and objectives of fiscal and monetary policy, including government spending, taxation, interest rates, and the money supply. It explores how policymakers use these tools to stabilize the economy, control inflation, and promote growth. Participants will learn to evaluate the effectiveness of policy interventions and understand the challenges associated with implementing fiscal and monetary policies in different economic conditions.
5. International Trade and Global Economics: This key point examines the principles of international trade, including comparative advantage, trade policies, and exchange rates. It discusses the benefits and challenges of globalization, trade agreements, and the impact of international finance on domestic economies. Learners will understand how global economic integration affects trade balances, capital flows, and the distribution of wealth across countries.
6. Market Failures and Government Intervention: The course addresses instances where markets fail to allocate resources efficiently, leading to suboptimal outcomes such as externalities, public goods, and information asymmetry. It explores the role of government intervention in correcting these market failures through policies such as taxation, subsidies, and regulation. By understanding market failures, participants will gain insight into the rationale for government actions and the impact of policy measures on economic welfare.

Core Learning Outcomes

• Analyze Supply and Demand Dynamics: Apply concepts of supply, demand, and elasticity to understand market behaviors and predict economic outcomes.
• Understand Market Structures: Examine different market structures and their impact on pricing, competition, and consumer welfare.
• Evaluate Macroeconomic Indicators: Interpret GDP, inflation, and unemployment metrics to assess economic health and stability.
• Understand Fiscal and Monetary Policies: Assess the impact of fiscal and monetary policy tools on economic growth, inflation, and stabilization.
• Explore International Trade Principles: Analyze the effects of international trade, exchange rates, and globalization on domestic and global economies.
• Identify Market Failures and Interventions: Recognize market failures and evaluate government interventions aimed at enhancing economic welfare.