Course Outline

Topic 1: Introduction to Economics

  • Principles of Economics pertaining to Microeconomics
  • Opportunity Costs, Trade-offs and Incentives
  • Gains from Trade

Readings: Mankiw Chapters 1, 2, and 3

Topic 2: Supply, Demand and Markets

  • Demand, Supply and Market Equilibrium
  • Demand and Supply Elasticity
  • Supply, Demand and Government Policies
  • Market Efficiency, Taxation

Readings: Mankiw Chapters 4 through 8

Topic 3: Consumer and Production Theory

  • Consumer Choice
  • Firms and Production Choice
  • Market Structures: Competitive Equilibrium to Monopoly
  • Oligopoly and Game Theory

Readings: Mankiw Chapters 21 and 13 through 17

Topic 4: Market Efficiency and Market Failure  (Time Permitting)

  • Externalities
  • Public Goods

Readings: Mankiw Chapters 9 through 11

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