BA_ECON 100: Principles of Economics (Supreme)
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
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LO2: Identify the three basic economic questions and how various economic systems answer them
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LO3: Comprehend the theories established by the founder of modern economics
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Knowledge Check
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Case Study: Economic Problem
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LO2: Understand the nature of supply, changes in quantity supplied, changes in supply, and the factors that affect supply
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LO3: Explain how markets reach equilibrium
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Knowledge Check
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Case Study: Demand and Supply
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00:00
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LO2: Comprehend the price elasticity of supply and the links between production periods and supply
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LO3: Identify how price elasticities of demand and supply determine the impact of an excise tax
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LO4: Explain how governments use price controls to override the “invisible hand” of competition
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Knowledge Check
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Case Study: Competition and Government
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Topic 4: Cost of Production
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LO1: Identify economic costs (explicit and implicit) of production and economic profit
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LO2: Recognize Short-run products, and the Law of diminishing marginal returns
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LO3: Explain Long-run results of production and Long-run costs
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Knowledge Check
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Case Study: Cost of Production
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Topic 5: Perfect Competition
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LO1: Distinguish the four market structures
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LO2: Explain how Perfect Competitive Markets adjust in the long run
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LO3: Understand the Profit-maximizing and its rule
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LO4: Comphrend the theory of Perfectly competitive firms and Markets
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Knowledge Check
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Case Study: Perfect Competition
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Topic 6: Monopoly and Imperfect Competition
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LO1: Describe the demand conditions faced by monopolists, monopolistic competitors, and oligopolists
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LO2: Distinguish how monopolists, monopolistic competitors, and oligopolists maximize profits
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LO3: Recall the key elements of the Prisoner’s Dilemma
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Knowledge Check
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Case Study: Monopoly and Imperfect Competition
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Topic 7: Economic Welfare and Income Distribution
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LO1: Explain the concepts of Consumer surplus and Deadweight loss
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LO2: Distinguish Spillover costs and benefits
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LO3: Summarize how Income is distributed among Canadian households, how this distribution is measured
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LO4: Identify the causes of poverty and the way poverty is measured
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Knowledge Check
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Case Study: Economic Welfare and Income Distribution
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Topic 8: Measures of Economic Activity
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LO1: Explain why economists choose to concentrate on Gross Domestic Product
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LO2: Distinguish other Economic measures developed from the national income accounts
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Knowledge Check
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Case Study: Measures of Economic Activity
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Topic 9: Inflation and Unemployment
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LO1: Explain the Consumer Price Index and Real GDP
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LO2: Define Inflation, how it is measured, and its effect on nominal and real incomes
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LO3: Comprehend the Official unemployment rate, and the different types of Unemployment
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Knowledge Check
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Case Study: Inflation and Unemployment
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Topic 10: Economic Fluctuations
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LO1: Explain Aggregate demand and the factors that affect it
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LO2: Distinguish Aggregate supply and the factors that influence it
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LO3: Understand the Economy’s equilibrium and how it differs from its potential
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LO4: Define Economic growth its sources, and its impact
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LO5: Summarize Canada’s historical record of economic growth
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Knowledge Check
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Case Study: Economic Fluctuations
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Topic 11: Fiscal Policy
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LO1: Identify Expansionary and Contractionary fiscal policies
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LO2: Explain the Multiplier effect of fiscal policy, as determined by the marginal propensities
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LO3: Distinguish Budget surpluses and deficits and their impact on public debt and public debt charges
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Knowledge Check
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Case Study: Fiscal Policy
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Topic 12: Money
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LO1: Comprehend the functions of Money and its components
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LO2: Understand the Demand and Supply of money and equilibrium in the money market
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LO3: Explain how Money is created and define the Money multiplier
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Knowledge Check
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Case Study: Money
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Topic 13: Monetary Policy
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LO1: Discuss the Bank of Canada and its functions
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LO2: Explain the tools the Bank of Canada uses to conduct monetary policy
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LO3: Identify the tradeoff between Inflation and Unemployment
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Knowledge Check
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Case Study: Monetary Policy
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Topic 14: Foreign Sector
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LO1: Define and distinguish different types of Bank accounts in Canada
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LO2: Understand Exchange rates and how they are determined
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LO3: Summarize Exchange rate systems and their evolution
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Knowledge Check
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Case Study: Foreign Sector
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Module Based Quiz