About the course
This course covers the fundamental issues of both microeconomics and macroeconomics.
This course covers the fundamental issues of both microeconomics and macroeconomics. On the micro side topics include demand and supply analysis, consumer theory, theory of the firm, and market structures. On the macro side the course covers a description of gross domestic product (GDP). Aggregate demand and supply analysis is used to explain business cycles as well as inflationary and deflationary output levels. Monetary and fiscal policy are explained. International trade and finance are covered under topics as benefits of trade, international organizations to facilitate trade, and exchange rate theory.
Expert advice and in-depth features
NOTE: The modular nature of this program allows different learners to tailor their courses to their needs. You may choose to take one course (for interest, or for a personal need), a series of courses (for career advancement, for example), or a series of modules (for professional certification preparedness in a particular field).
Module 1: Demand and Supply Analysis: Introduction Credit Hours: 2
In this module, the basic principles of demand and supply are carefully described. The benefits of market equilibrium are presented using the ideas of producer and consumer surpluses. Market interference is introduced and shown not to be beneficial. The important concepts of elasticity of demand and supply are developed.
Module 2: Demand and Supply Analysis: Consumer Demand Credit Hours: 2
In this module, demand curves are derived using budget line – indifference curve analysis. The reason demand slopes down is explained via the income and substitution effects of a price change. This analysis sheds light on concepts such as normal and inferior goods.
Module 3: Demand and Supply Analysis: The Firm Credit Hours:2
The supply curve of the firm is derived in this module by examining the cost side of firm production. Fixed cost and variable cost are identified and the cost curves of the firm are drawn. Given alternative prices, the supply curve is derived as being profit-maximizing output levels. Both short run and long run analysis are described. The important concepts of the long run, economies, and diseconomies of scale, are presented.
Module 4: The Firm and Market Structures Credit Hours: 3
Both the demand and supply sides are re-introduced in this module so as to understand behavior in the product market. The four major market structures of perfect competition, monopolistic competition, oligopoly and monopoly are developed and compared.
Module 5: Macroeconomics Analysis: Aggregate Output, Prices, and Economic Growth Credit Hours: 4
This module introduces aggregate output measured by gross domestic product and the GDP components are identified. The effect on output via shifts in aggregate demand aggregate supply curves can help explain different states of the economy. The production function and sources of economic growth are identified.
Module 6: Macroeconomics Analysis: Understanding Business Cycles Credit Hours: 2
Output growth and decline occurs cyclically; the trend line traced out by this movement is called the business cycle. This module covers the phases of the cycle and examines the theories which try to explain this behavior. Economic indicators designed to help us understand where we are in the cycle are listed and explained.
Module 7: Macroeconomics Analysis: Monetary and Fiscal Policy Credit Hours: 3
Government involvement in the economy is discussed via monetary and fiscal policies. This module carefully explains these two methods and shows how the central authorities use them to influence employment, output, and prices.
Module 8: Economics in a Global Context: International Trade and Capital Flow Credit Hours: 2
The economic model is opened up to include “the rest of the world” in this module. The benefits of international trade and capital flows are presented. Restrictions on trade via tariffs and quotas as well as creators of trade via countries forming economic unions and joining international structures such as the international monetary fund and the world trade organization are examined. The balance of payments of a country and its separate accounts to measure trade activity is presented in this module.
Module 9: Economics in a Global Context: Currency Exchange Rates Credit Hours: 2
This module discusses the foreign exchange market, the market which residents of one country must enter to do business with residents of another country. Concepts such as spot rates and futures rates and their relationship between nations are explained. The ideal currency regime is compared with existing exchange rate regimes. How exchange rates influence the balance of payments closes out this module.
Dr. Hochstein teaches in the areas of general finance and business economics. Before joining Concordia's Finance Department, he taught economics at McGill's graduate business school for a number of years. He has presented papers at conferences in Canada, the U.S. and Europe. He has written a micr...
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