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.
Students may conduct research as part of their coursework in this class. Instructors for the course are responsible for ensuring that student research projects comply with College policies on ethical conduct for research involving humans, which can require obtaining Informed Consent from participants and getting the approval of the Douglas College Research Ethics Board prior to conducting the research.
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.
- Ragan, C. Economics, Latest Ed. Pearson 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,
- Or other textbook(s) as approved by the Economics Dept.,
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 Pre-Calculus 11 OR currently active in one of the following:
PBD Advanced Human Resource Management
PBD Advanced Supply Chain Management
PBD International Supply Chain Management
PDD Accounting Studies
PDD Global Banking and Economics
PDD Human Resource Management
PDD International Business Management
PDD Supply Chain Management
PDD in Project Management
ECON 1101 recommended