Readings in Economics

Fall Semester 2012

Sean McCormack

Week 1

• Introduction to Economics

• History of Economic thought – Adam Smith

• Positive versus normative economics

Week 2

• Econometrics• The law of demand• Simple supply and demand curves• Elasticity of demand

Week 3

• The traditional economy• The market economy• The mixed economy• Deregulation

Week 4

Microeconomics• Consumer choices Marginal utility• Economies of scale Division of labor• Factors of production Monopolies

• Revision Vocabulary Test 1 - Weeks 1 to 3

Week 5

National Foundation Day (2012.10.03)

Week 6

• The Labor market• Factors of production• Division of labor

Week 7

• Surplus• Pricing strategy

• Revision Vocabulary Test 2 – Weeks 4 to 6

Week 8

• Mid term presentations

Week 9

• Welfare economics• Inequity / externalities• Government revenue• Tax systems

Week 10

• Macroeconomics• Aggregate demand• Aggregate supply

Week 11

• The money supply• The banking system• Liquidity• Fiscal policy• Monetary policy

• Revision Vocabulary Test 3 – Weeks 7 to 10

Week 12

• Interest rates and the money market• Central banks• Demand side shocks• Supply side shocks• Inflation • Unemployment

Week 13

• Economic growth• The business cycle• The open economy• Exchange rates

Revision Vocabulary Test 4 – Weeks 11 to 12

Week 14

• The world economy • Exchange rate mechanisms• International trade• Import quotas and tariffs

Week 15

Final Presentations

Revision Vocabulary Test 4 – Weeks 13 to 14

Week 16

Presidential Election (2012.12.19)