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Course Content

Basic economics concepts

  • Introduction to macroeconomics
  • Introduction to economics
  • Scarcity
  • Normative and positive statements
  • Economic models
  • Command and market economies
  • Opportunity cost and the Production Possibilities Curve
  • Production possibilities curve
  • Opportunity cost
  • Increasing opportunity cost
  • PPCs for increasing, decreasing and constant opportunity cost
  • Production Possibilities Curve as a model of a country’s economy
  • Comparative advantage and the gains from trade
  • Comparative advantage, specialization, and gains from trade
  • Comparative advantage and absolute advantage
  • Opportunity cost and comparative advantage using an output table
  • Terms of trade and the gains from trade
  • Input approach to determining comparative advantage
  • When there aren’t gains from trade
  • Comparative advantage worked example
  • Demand
  • Law of demand
  • Price of related products and demand
  • Change in expected future prices and demand
  • Changes in income, population, or preferences
  • Normal and inferior goods
  • Change in demand versus change in quantity demanded
  • Supply
  • Law of supply
  • Factors affecting supply
  • Change in supply versus change in quantity supplied
  • Markets
  • Market equilibrium
  • Changes in market equilibrium
  • Changes in equilibrium price and quantity when supply and demand change

Economic indicators and the business cycle

National income and price determination

Financial sector

Long-run consequences of stabilization policies

Open economy: international trade and finance

Keynesian approaches and IS-LM

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