BA_ECON 100: Principles of Economics

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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
    04:25
  • LO1: Explain the relationship between Economic Principles and everyday life
    05:44
  • LO2: Identify the three basic economic questions and how various economic systems answer them
    05:52
  • LO3: Comprehend the theories established by the founder of modern economics
    04:16
  • Knowledge Check
  • Case Study: Economic Problem
  • Topic 2: Demand and Supply
    05:19
  • LO1: Comprehend the nature of demand, changes in quantity demanded, and the factors that affect demand
    03:18
  • LO2: Understand the nature of supply, changes in quantity supplied, changes in supply, and the factors that affect supply
    03:25
  • LO3: Explain how markets reach equilibrium
    09:22
  • Knowledge Check
  • Case Study: Demand and Supply
  • Topic 3: Competition and Government
    05:34
  • LO1: Describe price elasticity of demand and its impact on sellers’ revenues
    06:56
  • LO2: Comprehend the price elasticity of supply and the links between production periods and supply
    02:44
  • LO3: Identify how price elasticities of demand and supply determine the impact of an excise tax
    04:34
  • LO4: Explain how governments use price controls to override the “invisible hand” of competition
    08:34
  • Knowledge Check
  • Case Study: Competition and Government
  • Topic 4: Cost of Production
    05:24
  • LO1: Identify economic costs (explicit and implicit) of production and economic profit
    03:01
  • LO2: Recognize Short-run products, and the Law of diminishing marginal returns
    05:22
  • LO3: Explain Long-run results of production and Long-run costs
    04:21
  • Knowledge Check
  • Case Study: Cost of Production
  • Topic 5: Perfect Competition
    05:35
  • LO1: Distinguish the four market structures
    02:28
  • LO2: Explain how Perfect Competitive Markets adjust in the long run
    03:38
  • LO3: Understand the Profit-maximizing and its rule
    03:49
  • LO4: Comphrend the theory of Perfectly competitive firms and Markets
    07:58
  • Knowledge Check
  • Case Study: Perfect Competition
  • Topic 6: Monopoly and Imperfect Competition
    05:00
  • LO1: Describe the demand conditions faced by monopolists, monopolistic competitors, and oligopolists
    05:39
  • LO2: Distinguish how monopolists, monopolistic competitors, and oligopolists maximize profits
    04:58
  • LO3: Recall the key elements of the Prisoner’s Dilemma
    05:13
  • Knowledge Check
  • Case Study: Monopoly and Imperfect Competition
  • Topic 7: Economic Welfare and Income Distribution
    06:01
  • LO1: Explain the concepts of Consumer surplus and Deadweight loss
    04:09
  • LO2: Distinguish Spillover costs and benefits
    03:10
  • LO3: Summarize how Income is distributed among Canadian households, how this distribution is measured
    05:57
  • LO4: Identify the causes of poverty and the way poverty is measured
    05:08
  • Knowledge Check
  • Case Study: Economic Welfare and Income Distribution
  • Topic 8: Measures of Economic Activity
    04:45
  • LO1: Explain why economists choose to concentrate on Gross Domestic Product
    09:33
  • LO2: Distinguish other Economic measures developed from the national income accounts
    04:21
  • Knowledge Check
  • Case Study: Measures of Economic Activity
  • Topic 9: Inflation and Unemployment
    05:03
  • LO1: Explain the Consumer Price Index and Real GDP
    03:50
  • LO2: Define Inflation, how it is measured, and its effect on nominal and real incomes
    05:25
  • LO3: Comprehend the Official unemployment rate, and the different types of Unemployment
    05:57
  • Knowledge Check
  • Case Study: Inflation and Unemployment
  • Topic 10: Economic Fluctuations
    05:59
  • LO1: Explain Aggregate demand and the factors that affect it
    03:36
  • LO2: Distinguish Aggregate supply and the factors that influence it
    03:28
  • LO3: Understand the Economy’s equilibrium and how it differs from its potential
    03:13
  • LO4: Define Economic growth its sources, and its impact
    03:31
  • LO5: Summarize Canada’s historical record of economic growth
    03:11
  • Knowledge Check
  • Case Study: Economic Fluctuations
  • Topic 11: Fiscal Policy
    05:25
  • LO1: Identify Expansionary and Contractionary fiscal policies
    03:03
  • LO2: Explain the Multiplier effect of fiscal policy, as determined by the marginal propensities
    07:44
  • LO3: Distinguish Budget surpluses and deficits and their impact on public debt and public debt charges
    04:59
  • Knowledge Check
  • Case Study: Fiscal Policy
  • Topic 12: Money
    04:43
  • LO1: Comprehend the functions of Money and its components
    05:54
  • LO2: Understand the Demand and Supply of money and equilibrium in the money market
    02:45
  • LO3: Explain how Money is created and define the Money multiplier
    02:20
  • Knowledge Check
  • Case Study: Money
  • Topic 13: Monetary Policy
    05:12
  • LO1: Discuss the Bank of Canada and its functions
    02:41
  • LO2: Explain the tools the Bank of Canada uses to conduct monetary policy
    03:55
  • LO3: Identify the tradeoff between Inflation and Unemployment
    06:28
  • Knowledge Check
  • Case Study: Monetary Policy
  • Topic 14: Foreign Sector
    05:18
  • LO1: Define and distinguish different types of Bank accounts in Canada
    04:44
  • LO2: Understand Exchange rates and how they are determined
    04:12
  • LO3: Summarize Exchange rate systems and their evolution
    04:43
  • Knowledge Check
  • Case Study: Foreign Sector
  • Module Based Quiz

Final Exam

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