Indicative Content |
• Introduction
• A definition of Economics
• The economic problem
• The concept of opportunity cost
• Marginal analysis, costs and benefits
• The role of economic models
• Graphs used in economic models
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• Trade-offs and Trade
• Production possibility frontier
• Using resources efficiently
• Comparative advantage and gains from trade
• Economic growth
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• Demand and Supply
• Demand schedule and demand curve
• Supply schedule and supply curve
• Market equilibrium
• Predicting changes in price and quantity
• Price elasticity of demand and its links to firm’s revenues
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• Efficiency
• Consumer Surplus and the demand curve
• Producer Surplus and the Supply curve
• Consumer Surplus, Producer Surplus and the gains from trade
• The efficiency of markets
• The efficiency costs of a tax
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• Production: Output and Costs
• The production function
• Short-run vs. Long-run
• From the production function to cost curves
• Marginal cost, average costs
• Long-run cost, economies and diseconomies of scale
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• Perfect Competition
• Varieties of market structure
• Definition of perfect competition
• The firm’s decisions in perfect competition
• Output, price and profit in perfect competition
• The short-run production decision
• The short-run industry supply curve
• The long-run industry supply curve
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• Monopoly
• A single-price monopoly’s output and price decision
• Single-price monopoly and competition compared
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Recommended Book Resources |
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Krugman P., Wells R., and Graddy K., Economics,. European Edition, Worth Publishers, 2008.
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Supplementary Book Resources |
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McDowell M., Thom R., Frank R., and Bernanke B.Principles of Economics,. 2nd European ed., McGraw Hill, 2009.
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Parkin M., Powell M., and Matthews K.Economics. 7th European ed., Addison Wesley, 2008.
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Mankiw N.G., and Taylor P.T., Economics,. Thomson Learning, 2006.
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This module does not have any article/paper resources |
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This module does not have any other resources |
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