Module Identifier | EC10510 | ||||||||
Module Title | ECONOMIC PRINCIPLES 1 | ||||||||
Academic Year | 2003/2004 | ||||||||
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 |
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1.1 Introduction to Economics
Reading: Mankiw, Chaps. 1, 2 and 3
Case et al., Chaps. 1 and 2
Frank and Bernanke, Chaps. 1 and 2
Sloman, Chaps. 1 and 23
Lecture 1: What is economics?
Mankiw?s ten principles of economics
Lecture 2: Thinking like an economist
The methods economists use ? introduction to economic models
The way economists approach economics problems
Lecture 3: Interdependence, exchange and trade
Absolute and comparative advantage
1.2 Demand and Supply
Reading: Mankiw, Chaps. 4 and 5
Case et al., Chaps. 4 and 5
Frank and Bernanke, Chaps. 3, 4, and 5
Sloman, Chap. 2
Lecture 4: Individual and market demand
Individual firm and market supply
Movements along and shifts in demand and supply
Lecture 5: Market equilibrium
Comparative static analysis of changes in equilibrium
Lecture 6: Measuring the responsiveness of demand and supply - elasticity
Price elasticity of demand
Income elasticity of demand
Cross price elasticity of demand
Price elasticity of supply
1.3 Government Intervention in Markets
Reading: Mankiw, Chap. 6
Case et al., Chap. 5
Sloman, Chap. 3
Lecture 7: Price controls
Price floors
How taxes affect market equilibrium
Tax incidence
1.4 Measuring the Efficiency of Markets
Reading: Mankiw, Chaps. 7, 8 and 9
Frank and Bernanke, Chap. 7
Lecture 8: Consumer surplus
Producer surplus
Market efficiency
Lecture 9: Application: winners and losers from international trade
The effects of restricting trade
1.5 Goods which Impose Costs on Others - Externalities
Reading: Mankiw, Chap. 10
Case et al., Chap. 16
Frank and Bernanke, Chap. 11
Sloman, Chap. 12, sections 1 and 2
Lecture 10: Externalities in production and consumption
Market solutions
Government policies on externalities
1.6 The Tax System
Reading: Mankiw, Chaps. 8 and 12
Case et al., Chap. 18
Sloman, Chap. 10
Lecture 11: Tax efficiency
The deadweight loss from taxation
Income or consumption tax?
Taxes as a means of redistribution
2. Introductory Macroeconomics (Nick Perdikis)
2.1 Measuring Economic Activity
Reading: Mankiw, Chap. 23
Case et al., Chap. 21
Frank and Bernanke, Chap. 21
Sloman, Chap. 13
Lecture 12: The meaning of aggregate economic activity
National Income, output and expenditure
Cycles and growth trends
Lecture 13: Measures of economic activity: national income, expenditure and product
The black economy
Business and government
2.2 The Determinants of Macroeconomic Activity
Reading: A handout on this topic will be provided ? it is important that you consult this.
Mankiw, Chap. 25
Case et al., Chaps. 21 and 22
Frank and Bernanke, Chap. 20
Sloman, Chaps. 13 and 20
Lecture 14: Determinants of aggregate demand
Determinants of aggregate supply
Determining economic activity in the short-run
Lecture 15: Long run determinants of economic activity
Supply in the long-run
Physical constraints and productivity
Lecture 16: Short and long-run compared
Government intervention and stabilisation
Lecture 17: More on government intervention and stabilisation
2.3 Inflation, Deflation and Unemployment
Reading: Mankiw, Chaps. 24 and 28
Case et al., Chaps. 22
Frank and Bernanke, Chap. 19
Sloman, Chaps. 13
Lecture 18: Definition and measurement of inflation
Causes and consequences of inflation
Policies to combat inflation
Lecture 19: Ideas of deflation
Causes of deflation
Consequences and policies
Lecture 20: Unemployment ? definitions and measurement
Causes of unemployment
Lecture 21: Consequences of unemployment
Policy responses to unemployment
Lecture 22: Review session
This module is at CQFW Level 4