Economics 10 1 2017 September Summary 2017 Economics 101 CCC

THINKING LIKE AND ECONOMIST Chapter 1, 2, 3, 5, market systems: elements of how a market works questions of economics how & for whom? social versus self interest economic way of thinking – cost/benefit/scarcity Model: S D Equilibrium & Math Efficiency CS PS DWL ES

CONSUMER CHOICE AND ELASTICITY Chapter 4 & 8 Consumer Choice Budget Line Preferences - Utility , Max, Total, Diminishing Marginal utility theory of consumer choice Utility Max Choices Elasticity: types & uses

MEASURING GOVERNMENT ACTIONS IN THE MARKET Chapter 6, 16, 17 Price and quantity regulations Taxes and subsidies Externalities Public goods and common resources

FIRMS IN THE MARKET Chapter 10 to 15 Output Decision Profit in LR SR Shutdown Characteristics

GLOBAL MARKETS & GLOBALIZATION Chapter 2, 7 & 19 Production Possibilities Frontier Comparative & Absolute Advantage Markets with international trade Gains from international trade Winners and losers If trade is beneficial, why oppose it? Protectionist, Quotas & Tariffs

Course Learning Outcomes After completing this course, students should be able complete the following: Describe and utilize the fundamental economic concepts and microeconomic theories of pricing, markets, supply, demand, trade, efficiency and equity. Analyze the economic behaviour of individuals and firms within an economy Describe the different market structures, production and costs Identify the key characteristics and consequences of monopoly, monopolistic competition and oligopoly Explain the general roles of the free market and government in the economy. Identify the relevance of economics in a changing world Identify and apply critical reasoning to economic issues Describe the basic jargon used to model microeconomic behaviour

EXAM INFO THINKING LIKE AND ECONOMIST Chapter 1, 2, 3, 5 MEASURING GOVERNMENT ACTIONS IN THE MARKET Chapter, 6, 16,17 CONSUMER CHOICE AND ELASTICITY Chapter 4 & 8 FIRMS IN THE MARKET Chapter 10 to 15 GLOBAL MARKETS Chapter 2, 7 Tutorials Length: 2 hours 15 minutes