Lecture and seminar.
- The nature of economics.
- An overview of the economy.
- The price system: demand, supply and price.
- Barriers to trade.
- Elasticity of demand and supply.
- Price controls.
- Household consumption behaviour: marginal utility and/or indifference curve approaches.
- Production and cost: short-run and long-run.
- Comparison of firms operating in different market structures.
- Factor pricing and the distribution of national income.
- Market failure and government intervention.
At the end of the course, the successful student should be able to:
- apply the economic concepts of supply and demand to the process of price determination in both perfect and imperfect markets;
- explain household market behaviour and the derivation of an industry demand curve;
- evaluate the price and output implications of profit maximizing (loss minimizing) behaviour of firms under different demand, cost and market structure conditions, including the derivation of an industry supply curve;
- demonstrate the reasons for, and economic consequences of, various forms of government intervention in different markets.
|Final Examination||30% - 40%|
|Term Examination(s)||30% - 70%|
|Assignments (2-4)||0% - 30%|
|Participation and/or Quizzes||0% - 10%|
THERE WILL BE A MINIMUM OF THREE (3) EVALUATIONS.
Textbooks and Materials to be Purchased by Students
The main text is to be chosen from the following, as determined by the instructor:
- Allen, D. Economic Principles: Seven Ideas for Thinking…About Almost Anything, Latest Ed. McInnis Creek Press.
- Lipsey, R.G., Purvis et al. Economics, Latest Ed. New York: Harper & Row. Mankiw, N.G. et al. Principles of Microeconomis, Latest Ed. Thomson Nelson.
- Mankiw, N.G. et al. Principles of Microeconomics, Latest Ed. Thomson Nelson.
- McConnell, Campbell R., Brue et al. Economics, Latest Ed. Toronto: McGraw-Hill
- Parkin, Michael and Robin Bade. Economics: Canada in the Global Environment, Latest Ed. Don Mills: Addison-Wesley Publishers Limited.
- Silberberg, E. Principles of Microeconomics, Latest Ed. Pearson Custom Publishing.
Supplementary materials may be chosen from the following, as determined by the instructor:
- Kennedy and Dorosh. Dateline Canada, Latest Ed. Prentice-Hall Canada Inc.
- Study guides for the above texts and the available software.
BC Principles of Math 11. ECON 1101 recommended.