Module Identifier | EC10510 | ||
Module Title | ECONOMIC PRINCIPLES 1 | ||
Academic Year | 2002/2003 | ||
Co-ordinator | Professor Andrew Henley | ||
Semester | Semester 1 | ||
Other staff | Mr Nicholas Perdikis | ||
Mutually Exclusive | EC10120 | ||
Course delivery | Lecture | 22 Hours | |
Seminars / Tutorials | 5 Hours | ||
Assessment | Semester Exam | 2 Hours | 100% |
1.1 Supply and Demand
Demand. Supply. Market Equilibrium. Elasticity.
Reading
Frank & Bernanke Ch 4
Mankiw Chs 4-6
Sloman Chs 2, 3.1 and 3.2
Case et al Chs 4, 5
1.2 Evaluating Market Outcomes
Consumers' and Producers' Surpluses. Efficiency of Market Equilibrium. Welfare Effects of Taxes. Environmental Policy.
Reading
Frank & Bernanke Ch 7
Mankiw Chs 7-8
Sloman Ch 3
Case et al Chs 16, 18
1.3 International Trade
Comparative advantage: specialisation and the gains from trade. Welfare effects of international trade. Tariffs and quotas.
Arguments for protection.
Reading
Frank & Bernanke Ch 3
Mankiw Chs 3, 9
Sloman Ch 23
Case et al Ch 36
2. Macroeconomics (Nick Perdikis)
2.1 Macroeconomic Activity
Overview – measuring economic activity, welfare and GDP, the black economy, economic cycles and business
Reading
Frank & Bernanke Chs 17, 18
Mankiw Ch 22
Sloman Ch 13
Case et al Ch 21
2.2 The Determinants of Economic Activity
Short run aggregate demand and supply
The long run – physical and human capital, natural resources, productivity, the political and legal environment.
Reading
Frank & Bernanke Ch 20
Mankiw Chs 24
Sloman Ch 13, 22
Case et al Ch 21, 22
2.3 Unemployment and inflation
Definitions and measurement, causes and consequences, policies to alleviate unemployment and inflation
Reading
Frank & Bernanke Ch 19
Mankiw Chs 23, 26
Sloman Ch 13
Case et al Ch 22