Topic 1: Economic Problem – Eton College

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Course Content

Module I

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Topic 1: Economic Problem

LO1: Explain the relationship between Economic Principles and everyday life

LO2: Identify the three basic economic questions and how various economic systems answer them

LO3: Comprehend the theories established by the founder of modern economics

Topic 2: Demand and Supply

LO1: Comprehend the nature of demand, changes in quantity demanded, and the factors that affect demand

LO2: Understand the nature of supply, changes in quantity supplied, changes in supply, and the factors that affect supply

LO3: Explain how markets reach equilibrium

Topic 3: Competition and Government

LO1: Describe price elasticity of demand and its impact on sellers’ revenues

LO2: Comprehend the price elasticity of supply and the links between production periods and supply

LO3: Identify how price elasticities of demand and supply determine the impact of an excise tax

LO4: Explain how governments use price controls to override the “invisible hand” of competition

Topic 4: Cost of Production

LO1: Identify economic costs (explicit and implicit) of production and economic profit

LO2: Recognize Short-run products, and the Law of diminishing marginal returns

LO3: Explain Long-run results of production and Long-run costs

Topic 5: Perfect Competition

LO1: Distinguish the four market structures

LO2: Explain how Perfect Competitive Markets adjust in the long run

LO3: Understand the Profit-maximizing and its rule

LO4: Comphrend the theory of Perfectly competitive firms and Markets

Topic 6: Monopoly and Imperfect Competition

LO1: Describe the demand conditions faced by monopolists, monopolistic competitors, and oligopolists

LO2: Distinguish how monopolists, monopolistic competitors, and oligopolists maximize profits

LO3: Recall the key elements of the Prisoner’s Dilemma

Topic 7: Economic Welfare and Income Distribution

LO1: Explain the concepts of Consumer surplus and Deadweight loss

LO2: Distinguish Spillover costs and benefits

LO3: Summarize how Income is distributed among Canadian households, how this distribution is measured

LO4: Identify the causes of poverty and the way poverty is measured

Topic 8: Measures of Economic Activity

LO1: Explain why economists choose to concentrate on Gross Domestic Product

LO2: Distinguish other Economic measures developed from the national income accounts

Topic 9: Inflation and Unemployment

LO1: Explain the Consumer Price Index and Real GDP

LO2: Define Inflation, how it is measured, and its effect on nominal and real incomes

LO3: Comprehend the Official unemployment rate, and the different types of Unemployment

Topic 10: Economic Fluctuations

LO1: Explain Aggregate demand and the factors that affect it

LO2: Distinguish Aggregate supply and the factors that influence it

LO3: Understand the Economy’s equilibrium and how it differs from its potential

LO4: Define Economic growth its sources, and its impact

LO5: Summarize Canada’s historical record of economic growth

Topic 11: Fiscal Policy

LO1: Identify Expansionary and Contractionary fiscal policies

LO2: Explain the Multiplier effect of fiscal policy, as determined by the marginal propensities

LO3: Distinguish Budget surpluses and deficits and their impact on public debt and public debt charges

Topic 12: Money

LO1: Comprehend the functions of Money and its components

LO2: Understand the Demand and Supply of money and equilibrium in the money market

LO3: Explain how Money is created and define the Money multiplier

Topic 13: Monetary Policy

LO1: Discuss the Bank of Canada and its functions

LO2: Explain the tools the Bank of Canada uses to conduct monetary policy

LO3: Identify the tradeoff between Inflation and Unemployment

Topic 14: Foreign Sector

LO1: Define and distinguish different types of Bank accounts in Canada

LO2: Understand Exchange rates and how they are determined

LO3: Summarize Exchange rate systems and their evolution

Final Exam

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Final Exam: Principles of Economics

BA_ECON 100: Principles of Economics (P)

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