BA_ECON 100: Principles of Economics (P)

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About Course

  • This course combines economic theory and application in an up-to-date, accessible, and appealing way as seen from a Canadian perspective.
  • The course is designed to engage students and help them realize the power of economic theory in explaining the practical aspects of their lives and how it can be applied in business.

What Will You Learn?

  • Relate economic terms based to the theory presented.
  • Solve business problems using the “Supply and Demand” theory.
  • Apply economic theories to personal lives from domestic and global perspectives.

Course Content

Module I

  • Topic 1: Economic Problem
    00:00
  • LO1: Explain the relationship between Economic Principles and everyday life
    00:00
  • LO2: Identify the three basic economic questions and how various economic systems answer them
    00:00
  • LO3: Comprehend the theories established by the founder of modern economics
    00:00
  • Topic 2: Demand and Supply
    00:00
  • LO1: Comprehend the nature of demand, changes in quantity demanded, and the factors that affect demand
    00:00
  • LO2: Understand the nature of supply, changes in quantity supplied, changes in supply, and the factors that affect supply
    00:00
  • LO3: Explain how markets reach equilibrium
    00:00
  • Topic 3: Competition and Government
    00:00
  • LO1: Describe price elasticity of demand and its impact on sellers’ revenues
    00:00
  • LO2: Comprehend the price elasticity of supply and the links between production periods and supply
    00:00
  • LO3: Identify how price elasticities of demand and supply determine the impact of an excise tax
    00:00
  • LO4: Explain how governments use price controls to override the “invisible hand” of competition
    00:00
  • Topic 4: Cost of Production
    00:00
  • LO1: Identify economic costs (explicit and implicit) of production and economic profit
    00:00
  • LO2: Recognize Short-run products, and the Law of diminishing marginal returns
    00:00
  • LO3: Explain Long-run results of production and Long-run costs
    00:00
  • Topic 5: Perfect Competition
    00:00
  • LO1: Distinguish the four market structures
    00:00
  • LO2: Explain how Perfect Competitive Markets adjust in the long run
    00:00
  • LO3: Understand the Profit-maximizing and its rule
    00:00
  • LO4: Comphrend the theory of Perfectly competitive firms and Markets
    00:00
  • Quiz 1
  • Topic 6: Monopoly and Imperfect Competition
    00:00
  • LO1: Describe the demand conditions faced by monopolists, monopolistic competitors, and oligopolists
    00:00
  • LO2: Distinguish how monopolists, monopolistic competitors, and oligopolists maximize profits
    00:00
  • LO3: Recall the key elements of the Prisoner’s Dilemma
    00:00
  • Topic 7: Economic Welfare and Income Distribution
    00:00
  • LO1: Explain the concepts of Consumer surplus and Deadweight loss
    00:00
  • LO2: Distinguish Spillover costs and benefits
    00:00
  • LO3: Summarize how Income is distributed among Canadian households, how this distribution is measured
    00:00
  • LO4: Identify the causes of poverty and the way poverty is measured
    00:00
  • Topic 8: Measures of Economic Activity
    00:00
  • LO1: Explain why economists choose to concentrate on Gross Domestic Product
    00:00
  • LO2: Distinguish other Economic measures developed from the national income accounts
    00:00
  • Topic 9: Inflation and Unemployment
    00:00
  • LO1: Explain the Consumer Price Index and Real GDP
    00:00
  • LO2: Define Inflation, how it is measured, and its effect on nominal and real incomes
    00:00
  • LO3: Comprehend the Official unemployment rate, and the different types of Unemployment
    00:00
  • Topic 10: Economic Fluctuations
    00:00
  • LO1: Explain Aggregate demand and the factors that affect it
    00:00
  • LO2: Distinguish Aggregate supply and the factors that influence it
    00:00
  • LO3: Understand the Economy’s equilibrium and how it differs from its potential
    00:00
  • LO4: Define Economic growth its sources, and its impact
    00:00
  • LO5: Summarize Canada’s historical record of economic growth
    00:00
  • Quiz 2
  • Topic 11: Fiscal Policy
    00:00
  • LO1: Identify Expansionary and Contractionary fiscal policies
    00:00
  • LO2: Explain the Multiplier effect of fiscal policy, as determined by the marginal propensities
    00:00
  • LO3: Distinguish Budget surpluses and deficits and their impact on public debt and public debt charges
    00:00
  • Topic 12: Money
    00:00
  • LO1: Comprehend the functions of Money and its components
    00:00
  • LO2: Understand the Demand and Supply of money and equilibrium in the money market
    00:00
  • LO3: Explain how Money is created and define the Money multiplier
    00:00
  • Topic 13: Monetary Policy
    00:00
  • LO1: Discuss the Bank of Canada and its functions
    00:00
  • LO2: Explain the tools the Bank of Canada uses to conduct monetary policy
    00:00
  • LO3: Identify the tradeoff between Inflation and Unemployment
    00:00
  • Topic 14: Foreign Sector
    00:00
  • LO1: Define and distinguish different types of Bank accounts in Canada
    00:00
  • LO2: Understand Exchange rates and how they are determined
    00:00
  • LO3: Summarize Exchange rate systems and their evolution
    00:00

Final Exam

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