BA_ECON 100: Principles of Economics (Professional)

About Course

This course combines economic theory and application in an up-to-date, accessible, and appealing way as seen from a Canadian perspective.

The course is designed to engage students and help them realize the power of economic theory in explaining the practical aspects of their lives and how it can be applied in business.

Course Content

Module I

Topic 1: Economic Problem

00:00
LO1: Explain the relationship between Economic Principles and everyday life

00:00
LO2: Identify the three basic economic questions and how various economic systems answer them

00:00
LO3: Comprehend the theories established by the founder of modern economics

00:00
Knowledge Check
Topic 2: Demand and Supply

00:00
LO1: Comprehend the nature of demand, changes in quantity demanded, and the factors that affect demand

00:00
LO2: Understand the nature of supply, changes in quantity supplied, changes in supply, and the factors that affect supply

00:00
LO3: Explain how markets reach equilibrium

00:00
Knowledge Check
Topic 3: Competition and Government

00:00
LO1: Describe price elasticity of demand and its impact on sellers’ revenues

00:00
LO2: Comprehend the price elasticity of supply and the links between production periods and supply

00:00
LO3: Identify how price elasticities of demand and supply determine the impact of an excise tax

00:00
LO4: Explain how governments use price controls to override the “invisible hand” of competition

00:00
Knowledge Check
Topic 4: Cost of Production

00:00
LO1: Identify economic costs (explicit and implicit) of production and economic profit

00:00
LO2: Recognize Short-run products, and the Law of diminishing marginal returns

00:00
LO3: Explain Long-run results of production and Long-run costs

00:00
Knowledge Check
Topic 5: Perfect Competition

00:00
LO1: Distinguish the four market structures

00:00
LO2: Explain how Perfect Competitive Markets adjust in the long run

00:00
LO3: Understand the Profit-maximizing and its rule

00:00
LO4: Comphrend the theory of Perfectly competitive firms and Markets

00:00
Knowledge Check
Topic 6: Monopoly and Imperfect Competition

00:00
LO1: Describe the demand conditions faced by monopolists, monopolistic competitors, and oligopolists

00:00
LO2: Distinguish how monopolists, monopolistic competitors, and oligopolists maximize profits

00:00
LO3: Recall the key elements of the Prisoner’s Dilemma

00:00
Knowledge Check
Topic 7: Economic Welfare and Income Distribution

00:00
LO1: Explain the concepts of Consumer surplus and Deadweight loss

00:00
LO2: Distinguish Spillover costs and benefits

00:00
LO3: Summarize how Income is distributed among Canadian households, how this distribution is measured

00:00
LO4: Identify the causes of poverty and the way poverty is measured

00:00
Knowledge Check
Topic 8: Measures of Economic Activity

00:00
LO1: Explain why economists choose to concentrate on Gross Domestic Product

00:00
LO2: Distinguish other Economic measures developed from the national income accounts

00:00
Knowledge Check
Topic 9: Inflation and Unemployment

00:00
LO1: Explain the Consumer Price Index and Real GDP

00:00
LO2: Define Inflation, how it is measured, and its effect on nominal and real incomes

00:00
LO3: Comprehend the Official unemployment rate, and the different types of Unemployment

00:00
Knowledge Check
Topic 10: Economic Fluctuations

00:00
LO1: Explain Aggregate demand and the factors that affect it

00:00
LO2: Distinguish Aggregate supply and the factors that influence it

00:00
LO3: Understand the Economy’s equilibrium and how it differs from its potential

00:00
LO4: Define Economic growth its sources, and its impact

00:00
LO5: Summarize Canada’s historical record of economic growth

00:00
Knowledge Check
Topic 11: Fiscal Policy

00:00
LO1: Identify Expansionary and Contractionary fiscal policies

00:00
LO2: Explain the Multiplier effect of fiscal policy, as determined by the marginal propensities

00:00
LO3: Distinguish Budget surpluses and deficits and their impact on public debt and public debt charges

00:00
Knowledge Check
Topic 12: Money

00:00
LO1: Comprehend the functions of Money and its components

00:00
LO2: Understand the Demand and Supply of money and equilibrium in the money market

00:00
LO3: Explain how Money is created and define the Money multiplier

00:00
Knowledge Check
Topic 13: Monetary Policy

00:00
LO1: Discuss the Bank of Canada and its functions

00:00
LO2: Explain the tools the Bank of Canada uses to conduct monetary policy

00:00
LO3: Identify the tradeoff between Inflation and Unemployment

00:00
Knowledge Check
Topic 14: Foreign Sector

00:00
LO1: Define and distinguish different types of Bank accounts in Canada

00:00
LO2: Understand Exchange rates and how they are determined

00:00
LO3: Summarize Exchange rate systems and their evolution

00:00
Knowledge Check
Module Based Quiz

About Course

What Will You Learn?

Course Content

Module I

Topic 1: Economic Problem

LO1: Explain the relationship between Economic Principles and everyday life

LO2: Identify the three basic economic questions and how various economic systems answer them

LO3: Comprehend the theories established by the founder of modern economics

Knowledge Check

Topic 2: Demand and Supply

LO1: Comprehend the nature of demand, changes in quantity demanded, and the factors that affect demand

LO2: Understand the nature of supply, changes in quantity supplied, changes in supply, and the factors that affect supply

LO3: Explain how markets reach equilibrium

Knowledge Check

Topic 3: Competition and Government

LO1: Describe price elasticity of demand and its impact on sellers’ revenues

LO2: Comprehend the price elasticity of supply and the links between production periods and supply

LO3: Identify how price elasticities of demand and supply determine the impact of an excise tax

LO4: Explain how governments use price controls to override the “invisible hand” of competition

Knowledge Check

Topic 4: Cost of Production

LO1: Identify economic costs (explicit and implicit) of production and economic profit

LO2: Recognize Short-run products, and the Law of diminishing marginal returns

LO3: Explain Long-run results of production and Long-run costs

Knowledge Check

Topic 5: Perfect Competition

LO1: Distinguish the four market structures

LO2: Explain how Perfect Competitive Markets adjust in the long run

LO3: Understand the Profit-maximizing and its rule

LO4: Comphrend the theory of Perfectly competitive firms and Markets

Knowledge Check

Topic 6: Monopoly and Imperfect Competition

LO1: Describe the demand conditions faced by monopolists, monopolistic competitors, and oligopolists

LO2: Distinguish how monopolists, monopolistic competitors, and oligopolists maximize profits

LO3: Recall the key elements of the Prisoner’s Dilemma

Knowledge Check

Topic 7: Economic Welfare and Income Distribution

LO1: Explain the concepts of Consumer surplus and Deadweight loss

LO2: Distinguish Spillover costs and benefits

LO3: Summarize how Income is distributed among Canadian households, how this distribution is measured

LO4: Identify the causes of poverty and the way poverty is measured

Knowledge Check

Topic 8: Measures of Economic Activity

LO1: Explain why economists choose to concentrate on Gross Domestic Product

LO2: Distinguish other Economic measures developed from the national income accounts

Knowledge Check

Topic 9: Inflation and Unemployment

LO1: Explain the Consumer Price Index and Real GDP

LO2: Define Inflation, how it is measured, and its effect on nominal and real incomes

LO3: Comprehend the Official unemployment rate, and the different types of Unemployment

Knowledge Check

Topic 10: Economic Fluctuations

LO1: Explain Aggregate demand and the factors that affect it

LO2: Distinguish Aggregate supply and the factors that influence it

LO3: Understand the Economy’s equilibrium and how it differs from its potential

LO4: Define Economic growth its sources, and its impact

LO5: Summarize Canada’s historical record of economic growth

Knowledge Check

Topic 11: Fiscal Policy

LO1: Identify Expansionary and Contractionary fiscal policies

LO2: Explain the Multiplier effect of fiscal policy, as determined by the marginal propensities

LO3: Distinguish Budget surpluses and deficits and their impact on public debt and public debt charges

Knowledge Check

Topic 12: Money

LO1: Comprehend the functions of Money and its components

LO2: Understand the Demand and Supply of money and equilibrium in the money market

LO3: Explain how Money is created and define the Money multiplier

Knowledge Check

Topic 13: Monetary Policy

LO1: Discuss the Bank of Canada and its functions

LO2: Explain the tools the Bank of Canada uses to conduct monetary policy

LO3: Identify the tradeoff between Inflation and Unemployment

Knowledge Check

Topic 14: Foreign Sector

LO1: Define and distinguish different types of Bank accounts in Canada

LO2: Understand Exchange rates and how they are determined

LO3: Summarize Exchange rate systems and their evolution

Knowledge Check

Module Based Quiz

Final Exam