Economics


Course Description

This course is designed as an eight-week introduction to the study of economics. Participants will be exposed to the economic way of thinking and learn about the functioning of a modern market economy. The early part of the course focuses on microeconomic analysis including the behavior of consumers and firms. We analyze markets for goods and services and policy choices that affect these markets. The later part of the course moves on to macroeconomic concepts such as national production, employment, inflation and interest rates. We explore models that determine long-run growth and short-term fluctuations in national economies. We then discuss the role of government regulation, monetary policy, and fiscal policy.

Part 1
  • The Basic Core
  • Getting Started
  • Observing and Explaining the Economy
  • The Supply and Demand Model
  • Using the Supply and Demand Model
Part 2
  • The Competitive Equilibrium Model
  • Deriving Demand
  • Deriving Supply
  • Market Equilibrium and Efficiency
  • Firms and Industries Changing Over Time
  • Cost and Changes at Firms Over Time
  • The Rise and Fall of Industries
Part 3
  • Deviations from Competition
  • Monopoly and Market Power
  • Between Monopoly and Competition
  • Antitrust Policy and Regulation
Part 4
  • Labor Markets
  • The Labor Supply and Demand Model
  • Labor Model Cont. – Min. Wage and Discrimination
  • Key Economic Policy Issues
  • Taxes, Transfers and Income Distribution
  • Public Goods and Externalities
  • Government Failure and Success
Part 5
  • Financial and Capital Markets
  • Markets for Physical Capital
  • Financial Markets: Risk and Return
  • Macro Facts and Measures
  • Getting Started with Macroeconomic Ideas
  • Measuring Production, Income and Spending of Nations
Part 6
  • Long Run Macro
  • Determining Consumption, Investment and Govt. Shares
  • Employment and Unemployment
  • Productivity, Econ. Growth and Determining Factors
  • A Look at Money, Inflation and the Fed
Part 7
  • Short Run Macro
  • Introduction to Economic Fluctuations
  • Economic Fluctuations Model
  • Using the ADIA Model
Part 8
  • Macro Policy Issues
  • Intro to Macroeconomic Policy
  • Fiscal Policy
  • Monetary Policy
  • Monetary Policy Analysis
  • International Economic Issues
  • Gains from Trade
  • International Trade Policy – Tariffs and Quotas