||Principles of Economics II
||Dr Gerda Kits
AND WEEKLY TIME DISTRIBUTION:
||credits 3 (hrs lect 3 - hrs sem 0 - hrs lab 0)
||This course deepens students' understanding of the
ideas introduced in ECON 203 by examining the theoretical models that
economists use to analyze specific economic issues. These include
theories of production, consumption, and markets; macroeconomic models
related to recessions, unemployment, and inflation; government monetary
and fiscal policies; and international trade theory.
||Goodwin, Harris, Nelson, Roach and Torras. Principles of Economics in
Context. Armonk, New York: M.E. Sharpe, 2014.
DISTRIBUTION IN PERCENT:
|Comprehensive final exam||20%|
||In ECON 203, we studied a broad range of economic concepts that are
useful in understanding everyday economic life and our roles in it. In
this course, we return to many of the same topics, this time with a
focus on the formal models that economists use to explain how the
economy works, make predictions about the future, and propose solutions
for economic problems. This course is meant for:
By the end of the course, you will be able to:
students, who need to understand how the economic context (including
government policies) might affect their future businesses.
students, who need to understand the role that economic theories and
policies play in a range of issues in public life.
students who wish to have a more in-depth understanding of how economic
theories can help us understand and solve real economic issues.
macroeconomic models to explain what is happening in the business cycle
and to predict the impacts of monetary policy, fiscal policy, and trade
policy on this cycle.
- Use microeconomic models to explain the
decisions made by consumers and firms, and to predict how these
decisions will be affected by a variety of events.
- Argue for and against government policies relating to a range of situations, from trade to the business cycle to taxes.
evaluate, from a Christian perspective, the beliefs and assumptions
that underlie the economic models studied in the course.
- Jan. 5 Welcome and introduction to the course
- Jan. 8-17 Aggregate demand, the multiplier, and fiscal policy
- Jan. 19-26 Trade, exchange rates and aggregate demand
- Jan. 24 No class - I.S. Conference
- Jan. 29 Money and banking
- Jan. 31 Test #1
- Feb. 2-5 Monetary policy
- Feb. 7-9 The AS-AD model
- Feb. 12-16 The standard consumer model
- Feb. 20-24 No class - Reading Week
- Feb. 26-28 Behavioural economics
- Mar. 2 Test #2
- Mar. 5-21 Theory of the firm: Production, profit maximization, and perfect competition
- Mar. 23 Test #3
- Mar. 26-Apr. 16 Markets with market power: Monopoly, oligopoly, and monopolistic competition
- Mar. 30 No class – Good Friday
- Apr. 2 No class – Easter Monday
- TBD Final exam (date to be set by Registry)