COURSE SYLLABUS
ECON 1
Competition is Sin - John D. Rockefeller
INTRODUCTION TO MICROECONOMICS
Instructor: Shan Ashton Garib
Email:
Day & Time: Evening TBD
Location: TBD
Required Text: McConnell Brue Flynn Barbiero, Microeconomics, 12th Edition, McGraw-Hill Ryerson, 2010
Course Description: In Introduction to Microeconomics students will learn the meaning and
relevance of basic economic concepts including the nature of economics, production possibilities and economic systems, demand and supply, perfect competition, monopoly, monopolistic competition, and
oligopoly, the consumer choice, value and demand, the firm cost and output determination and elasticity.
This course consists of one, three-hour lecture each week. The class meets every TBD for TBD weeks.
Students will learn:
1. Concepts including opportunity costs, scarcity, positive and normative economics
2. How to analyze production possibilities of firms and countries, the sources of their comparative advantages, and gains from trade
3. How to use the supply and demand model to understand how markets work
4. How elasticity is calculated and its relevance to understanding markets
5. How to analyze consumer behavior with respect to decisions about consumption, savings and employment
6. How to analyze decisions firms make about pricing, output, employment and investment
7. How to analyze the behavior of firms in alternative market structures including perfect competition, monopoly, monopolistic competition and oligopoly.
8. How to apply economic concepts and ideas to situations not specifically covered in class
I build my lectures around a set of slides based on the Miller text.
Exams and Grading Policy:
Percent of Final Mark
QUIZZES - 15%
10 quizzes given during the last 20 mins following each lecture class covering that day's material. This will begin in week 2.
Top 8 quizzes will be taken each worth 0.625%
ASSIGNMENTS - 5%
two take-home assignments assigned in week 5 and week 12
Each assignment is worth 2.5% of your total mark
EXAMS - 80%
Midterm 40%
Final 40%
To be successful students must demonstrate:
Tests/Exams consist of multiple choice questions, graphing, definitions and short answer. To be successful students must demonstrate:
1. Knowledge - recalling facts, terms and basic concepts
2. Comprehension - interpreting, comparing and giving descriptions
3. Application - applying knowledge, facts, techniques and rules in a different way
4. Evaluation - presenting and defending opinions
Rules and Regulations
Make-up Exams: As stated before, no make-up tests will be given for any reason. Please note ahead the scheduled dates of the tests and the final and make sure you can attend the exams. Unless you have a very good reason for missing the exams, no make-up exam will be given. The only acceptable reason for missing an exam is your own illness or other family emergencies. You must also have a signed excuse from your physician in case of illness stating the nature of your illness. A make-up exam will be administered. Please note that the make-up exam will be entirely different from the original exam.
Grade Appeals: Grades will only be changed if there is a mistake in grading on my part. If you believe there is such a mistake, please write a short report detailing where and why you believe there is an error in grading and turn in both your exam and the report to me.
Attendance: Attendance is mandatory, your grades will suffer if you miss the quizzes. Moreover, experience tells me that students who miss class do not perform well on exams.
Lastly, students are responsible for being aware of any and all announcements made in class.
Academic Dishonesty:
Cheating will not be tolerated. Any student caught cheating on any test, or final will be given a grade of zero for that exam, and will be reported to the College for any other disciplinary action.
Disability: If you need special consideration(s) due to some disability, please see me as soon as possible (but no later than two weeks before the exam) to make any necessary arrangement to accommodate you.
Some Suggestions: Please try to do all your readings as scheduled. I understand that this is not always possible for a variety of reasons, but falling too far behind in the readings is not good practice. In this class, each new section will build upon the concepts learned in the earlier sections, and you will not be able to understand the current lectures unless you understood the previous lectures.
You must take notes in class to succeed in this class. You are also encouraged to form study groups to go over the lectures, notes, etc. The only time you are not allowed to cooperate is on exams and quizzes. Otherwise, you should try to exchange ideas with your fellow students. I will be available after class.
I am open to suggestions. If you have any complaints about the way the lectures are organized, please let me know. While it may not be possible to incorporate all suggestions, I will do my best to accommodate your suggestions.
Teaching Philosophy:
The most effective teachers I've had shared these common traits: 1) they presented material in a way that caught my interest; 2) they simplified and clarified difficult topics; and 3) they put knowledge into relevant context. They have influenced my approach to teaching:
Final Thoughts:
(1) There is little-to-no correlation between education (your marks) and intelligence; therefore
(2) Your mark is a reflection of (your) effort and the quality of my teaching
Finally, know this:
economics is a philosophy more concerned with asking questions than solving problems.
Tentative Class Schedule
THE NATURE OF ECONOMICS
1.1 Scarcity
1.2 Defining Economics
1.3 Rational Decision Making. Benefits at the Margin, Incentives and Resource Use.
1.4 The Scientific Method
1.5 Positive vs Normative Economics
1.6 Economic Policy and Socioeconomic Goals
Chapter 1 Quiz HERE
PRODUCTION POSSIBILITIES AND ECONOMIC SYSTEMS
2.1 The Production Possibility Curve
2.2 Applications of the Production Possibilities Curve
2.3 Consumption Goods Vs Capital Goods
2.4 Specialization and Greater Productivity
2.5 Economic Systems
2.6 Capitalism in More Depth
Discussion - The Glass-Steagall Act & NAFTA: the greatest betrayal of working men and women in
American history
DEMAND AND SUPPLY
3.1 The Law of Demand
3.2 Shifts in Demand
3.3 The Law of Supply
3.4 Shifts in Supply
3.5 Putting Supply and Demand Together
3.6 Changes in Equilibrium
Take Home Quiz Ch 2 & Ch 3 HERE
ELASTICITY
Text Chapters:
4.1 Price Elasticity
4.2 Price Elasticity Ranges
4.3 Determinants of the Price Elasticity of Demand
4.4 Cross-Elasticity of Demand
4.5 Elasticity of Supply
CONSUMER CHOICE
7.1 Utility Theory
7.2 Diminishing Marginal Utilities
THE FIRM: COST AND OUTPUT DETERMINATION
8.1 The Profits of a Firm
8.2 Short Run vs Long Run
8.3 Short-Run Costs to the Firm
Ch 8 Quiz HERE
THE FIRM: COST AND OUTPUT DETERMINATION
Text Chapters:
8.4 The Relationship between Diminishing Marginal Returns and Cost Curves
8.5 Long-Run Cost Curves
PERFECT COMPETITION
9.1 The Characteristics of Perfect Competition June 18th
9.2 Determining Output and Profit in the Short Run
9.3 Short-Run Supply and Equilibrium
Review LECTURE
Multiple Choice Quizzes 1-5
Assignment One - Specialization and Gains From Trade ANSWER KEY
DUE tba Midnight Assignment One - Specialization and Gains From Trade
BREAK!! YAY!
MIDTERM Ch. 1, 2, 3, 4, 7, 8a, 8b, 9.1-3
PERFECT COMPETITION Continued
9.4 Long-Run Equilibrium
9.5 Long-Run Industry Supply Curves
9.6 Social Evaluation of Perfect Competition
MONOPOLY
Text Chapters:
10.1 The Characteristics of Monopoly
10.2 Determining Output, Price, and Profit in Monopoly
MONOPOLY Continued
Text Chapters:
10.3 On Making Higher Profits: Price Discrimination
10.4 Social Evaluation of Monopoly
10.5 The Regulation of a Natural Monopoly
MONOPOLISTIC COMPETITION AND OLIGOPOLY
11.1 The Characteristics of Monopolistic Competition
11.2 The Short Run Price, Output, and Profit of Monopolistic Competition
11.3 Long-Run Equilibrium in Monopolistic Competition
MONOPOLISTIC COMPETITION AND OLIGOPOLY Continued
Text Chapters:
11.4 The Characteristics of Oligopoly
11.5 Price Behaviour in Oligopoly
11.6 Non-price Forms of Competition in Oligopoly
11.7 Social Evaluation of Oligopoly
Assignment Two - Profits with Perfect and Monopolistic Competition ANSWER KEY
Review Class - LECTURE
DUE: Assignment Two - Profits with Perfect and Monopolistic Competition
Final Exams: TBD
__ ______________________________________________________________________________
ECON 2
INTRODUCTION TO MACROECONOMICS
Date & Time: Evening TBD
Location: TBD
Required Text: Microeconomics 6th Edition Perloff, Jeffrey prentice Hall ISBN: 9780131392632
Course Description: In Introduction to Macroeconomics we study how the overall economy works.
Students will be introduced to economic models that are designed to explain certain macroeconomic phenomena and problems such as growth, output, unemployment, and inflation. In addition, we will
analyze certain aspects of the financial system. We will also analyze the strengths and weaknesses of the different government policies in influencing the overall economy.
This course consists of one, three-hour lecture each week. The class meets every TBD for TBD weeks.
Exams and Grading Policy:
10 quizzes given during the last 20 mins following each lecture class covering that day's material. This will begin in week 2.
Percent of Final Mark:
QUIZZES - 15%
10 quizzes given during the last 20 mins following each lecture class covering that day's material. This will begin in week 2.
Top 8 quizzes will be taken each worth .625%
ASSIGNMENTS - 5%
two take-home assignments assigned in week 5 and week 12
Each assignment is worth 2.5% of your total mark
EXAMS - 80%
Midterm 40%
Final 40%
At the end of the course students will be able to:
1. Describe the market process in the simple supply and demand model;
Understand the concept of economic growth and its importance;
Discuss inflation;
Understand the unemployment rate;
5. Understand fiscal and monetary institutions;
6. Understand the arguments for discretion versus rules when it comes to formulating macroeconomic policy.
I build my lectures around a set of slides based on the Miller text.
Class Schedule
INTRODUCTION TO MACROECONOMICS
Text Chapters:
4.1 The Importance of Macroeconomics
4.2 Economic Activity and Business Fluctuations
4.3 Unemployment
4.4 Inflation and Deflation
MEASURING THE ECONOMY'S PERFORMANCE
Text Chapters:
5.1 Economic Activity and Circular Flow
5.2 Measuring Gross Domestic Product
5.3 Two Main Methods of Measuring GDP
5.4 Other Components of GDP and National Income
5.5 Limitations of GDP
MODELLING REAL GDP AND THE PRICE LEVEL IN THE LONG RUN
Text Chapters:
6.1 The Long-Run Aggregate Supply Curve
6.2 Shifts in Long-Run Aggregate Supply
6.3 Aggregate Demand
6.4 Long Run Equilibrium, the Price Level, and Economic Growth
6.5 Causes of Inflation
Take Home Quiz Ch 5 & Ch 6 HERE
ECONOMIC GROWTH AND DEVELOPMENT
Text Chapters:
7.1 Defining Economic Growth
7.2 Modelling Economic Growth
7.3 Fundamental Determinants of Economic Growth
7.4 New Growth Theory and What Determines Growth
7.5 The Costs and Benefits of Economic Growth
7.6 International Economic Development
Take Home Quiz Ch 7 HERE
MODELLING REAL GDP AND THE PRICE LEVEL IN THE SHORT RUN
Text Chapters:
8.1 The Short-Run Aggregate Supply Curve
8.2 Shifts in the Aggregate Supply Curves
8.3 Equilibrium
8.4 The Long-Run Adjustment Process
8.5 Aggregate Demand and Supply in an Open Economy
8.6 Inflation in the Short-Run
CONSUMPTION, INVESTMENT AND THE MULTIPLIER
9.1 Savings and Consumption
9.2 Determinants of Planned Consumption
Assignment One - GDP Modelling and the Open Economy ANSWER KEY
REVIEW LECTURE
Multiple Choice Quizzes 1-5
DUE tbd Midnight: Assignment One - GDP Modelling and the Open Economy
BREAK!! YAY!!!
MIDTERM: Ch. 4, 5, 6, 7, 8, 9.1, 9.2
CONSUMPTION, INVESTMENT AND THE MULTIPLIER
Text Chapters:
9.3 Determinants of Investment
9.4 Equilibrium in the Keynesian Model
9.5 The Multiplier
9.6 The Relationship Between Total Planned Expenditures and the Aggregate Demand Curve
FISCAL POLICY AND THE PUBLIC DEBT
Text Chapters:
11.1 Fiscal Policy
11.2 Government Budgets and Finances
11.3 Federal Budget Deficits in an Open Economy
11.4 Possible Offsets to Fiscal Policy
11.5 Discretionary Fiscal Policy in Practice
11.6 Automatic Stabilizers
MONEY AND THE BANKING SYSTEM
Text Chapters:
12.1 The Functions of Money
12.2 Monetary Standards, or What Backs Money?
12.3 Defining the Canadian Money Supply
12.4 The Canadian Financial System
MONEY CREATION AND DEPOSIT INSURANCE
13.1 Links Between Changes in Money Supply and Other Economic Variables
13.2 The Origins of Fractional Reserve Banking
13.3 Reserves
13.4 The Relationship Between Reserves and Total Deposits
13.5 The Money Multiplier
13.6 Deposit Insurance and Flawed Bank Regulation
THE BANK OF CANADA AND MONETARY POLICY
14.1 Central Banks and the Bank of Canada
14.2 The Money Supply and Tools of Monetary Policy
14.3 The Demand for Money
14.4 Monetary Policy in Action: The Transmission Mechanism
14.5 Effectiveness of Monetary Policy
Assignment Two - Open Market Transactions ANSWER KEY
REVIEW Class Lecture
DUE: Assignment Two - Open Market Transactions
WEEK 15
Final Exams: TBD
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