1. Economics September
Summary
2017 Economics 101 CCC

3. 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

4. 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

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

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

7. 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

9. 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

10. 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