Readings in Economics Fall Semester 2012 Sean McCormack

Week 1 Introduction to Economics History of Economic thought – Adam Smith Positive versus normative economics

Week 2 Econometrics The law of demand Simple supply and demand curves Elasticity of demand

Week 3 The traditional economy The market economy The mixed economy Deregulation

Week 4 Microeconomics Consumer choices Marginal utility Economies of scaleDivision of labor Factors of productionMonopolies Revision Vocabulary Test 1 - Weeks 1 to 3

Week 5 National Foundation Day ( )

Week 6 The Labor market Factors of production Division of labor

Week 7 Surplus Pricing strategy Revision Vocabulary Test 2 – Weeks 4 to 6

Week 8 Mid term presentations

Week 9 Welfare economics Inequity / externalities Government revenue Tax systems

Week 10 Macroeconomics Aggregate demand Aggregate supply

Week 11 The money supply The banking system Liquidity Fiscal policy Monetary policy Revision Vocabulary Test 3 – Weeks 7 to 10

Week 12 Interest rates and the money market Central banks Demand side shocks Supply side shocks Inflation Unemployment

Week 13 Economic growth The business cycle The open economy Exchange rates Revision Vocabulary Test 4 – Weeks 11 to 12

Week 14 The world economy Exchange rate mechanisms International trade Import quotas and tariffs

Week 15 Final Presentations Revision Vocabulary Test 4 – Weeks 13 to 14

Week 16 Presidential Election ( )