Economics

Econ 111.3 (97)

Price Theory and Resource Allocation

CRN: 81162

Term: 1 (3 lecture hours)

Time: Thursday, 4:00 pm - 6:50 pm

Professor: Nancy Lee

Description:

The principles of micro-economics This course introduces students to the economist’s view of the world, including ideas of opportunity cost, marginal decision making, the gain from trade, and efficiency of market allocations. It discusses the role of assumptions in developing a theory which explains why individuals and nations trade. We will discuss who wins and who loses from trade and present the debts over protectionist trade policies.

 We also introduce the basic tools of supply & demand and uses of these tools to explain government policies such as rental-control, minimum-wage laws, and tax incidence. The theory of consumer, producer and efficiency of market tells the students more about efficiency of market allocations. Why market allocations are desirable and how the government can improve on them, such as pollution render market outcomes inefficient.

 Last part of course discusses the behaviour of a firm with competitive markets, monopoly, monopolistic competition and oligopoly about their price and production. The purpose of this course is to help to learn the fundamental lessons of economics and to show such lessons can be applied to the world. We have various learning tools like case studies, updated Canadian “in the news” features. Quick quizzes, figures and tables, questions for view, and problems & applications.

Syllabus:

 

Econ 114.3 (96)

Money and Income

CRN: 21122

Term: 2 (3 lecture hours)

Time: Thursday, 4:00 pm - 6:50 pm

Professor: Nancy Lee

Prerequisites:

ECON 111 recommended

Description:

Macro-economics is to examine the economy in the long run. It discusses the meaning of GDP related statistics from national income accounts, the measures and use of the consumer price index, the determinants of the large variation in living standard over time and across countries.

We also discuss the type of financial institutions in our economy and their role in allocation resources, considering the long-run determinations of the unemployment rate. One part of this course is introducing the economist’s concept of money and role of central bank in controlling the quantity of money, and developing the classical theory of inflation and discusses the costs that inflation imposes on a society. We explain the relationship among saving, investment and the trade balance.

 This course presents a classical model of the international flow of goods and capital. The model sheds light on various issues, including the link between budget deficits and trade deficits and effects of trade policies. It also explains why policymakers control aggregate demand face a trade-off between inflation and unemployment. The last part of this course turns to explaining short-run fluctuations around the long-run trend, some facts about the business cycle, and influence of monetary and fiscal policy on aggregate demand.

 The purpose of this course is to help to learn the fundamental lessons of economics and to show such lessons can be applied to the world. We have various learning tools like case studies, updated Canadian “in the news” features. Quick quizzes, figures and tables, questions for view, and problems & applications.

Syllabus: