Define Economics and distinguish between Microeconomics and Macroeconomics.
Overview
This module covers the essential concepts of microeconomics required to be successful in the course including the principle of comparative advantage as the explanation for specialization and the guiding force behind mutually beneficial transactions and the market forces of supply and demand as a framework for economic analysis.
Learning Objectives
Upon completion of this module, you will be able to:
1. Define Economics and distinguish between Microeconomics and Macroeconomics.
2. Interpret a production possibility frontier graph.
3. Define how trade benefits everyone – including comparative and absolute advantages.
4. Define the characteristics of markets and competitive markets
5. Define quantity demanded, the law of demand, demand schedule, individual demand, market demand, and interpret demand curves
6. Define quantity supplied, the law of supply, supply schedule, individual supply, market supply, and interpret supply curves
7. Differentiate between changes in demand and quantity demanded, and changes in supply and quantity supplied
8. Identify and differentiate between the factors causing shifts in demand and supply curves, and the factors causing movements along demand and supply curves
9. Calculate how supply and demand determine equilibrium prices and quantities in a market
Identify markets not in equilibrium, and define and calculate surplus and shortage
10. Analyze changes in equilibrium prices and quantities
Overview
This module covers the essential concepts of microeconomics required to be successful in the course, including the principle of and the concept of elasticity as an explanation for behavior within this framework and begin to apply those concepts to government interventions on market forces.
Learning Objectives
Upon completion of this module, you will be able to:
1. Define and calculate price elasticity of demand, recognize its relevance to business, and identify the factors that influence it
2. Define and calculate price elasticity of supply, recognize its relevance to business, and identify the factors that influence it
3. Define and calculate income elasticity of demand, recognize its relevance to business, and identify the factors that influence it
4. Define and calculate cross-price elasticity of demand, recognize its relevance to business, and identify the factors that influence it
5. Calculate total revenue and analyze the effects of price changes on total revenue based on elasticity
6. Analyze the effects of government price controls on markets, including how rent ceilings create housing shortages and how the minimum wage creates unemployment.
7. Define tax incidence and determine the effect of per-unit taxes on market outcomes, including changes in prices and output.
8. Describe the relationship between elasticity and tax incidence.
Overview
In this module, you will acquire the necessary tools to assess market efficiency and then use those tools to evaluate the impact of government policy on market efficiency.
Learning Objectives
Upon completion of this module, you will be able to:
1. Calculate consumer surplus, producer surplus, and total surplus.
2. Analyze the relationship between willingness to pay, price, and consumer surplus.
3. Analyze the relationship between willingness to sell (cost), price, and producer surplus.
4. Express the relationship between total surplus and market efficiency.
5. Calculate how a tax changes consumer surplus, producer surplus, and total surplus.
6. Calculate tax revenue and the deadweight loss of a tax.
7. Identify the factors, such as elasticity, that determine the size of a deadweight loss.
8. Calculate how deadweight loss and tax revenues vary with the size of a tax.
9. Determine the effects that exporting a good has on consumer surplus, producer surplus, and total surplus.
10. Determine the effects that importing a good has on consumer surplus, producer surplus, and total surplus.
11. Assess the effects of a tariff on consumer surplus, producer surplus, government revenue, total surplus, and quantity imported.
12. Explain the additional benefits of international trade other than an increase in total surplus.
13. Explain the arguments for restricting trade and assess their validity.
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