2 Introduction to Economics[Chap.01-03]

Chapter-01.The Scope and Method of Economics

Learning Objectives:

1. What is economics?
2.Why study economics?
3.Opportunity cost
4. Marginalism
5.Efficient markets
6.More Reasons to study economics
7.The Scope of economics
8.Ex. of macro & micro economics concerns
9.The Methods of Economics
10.Therios & Models
11.Economic Policy
12.Review terms & concepts.

Ch01-The Scope and Method of Economics

Chapter-02.The Economic Problem  Scarcity and Choice

Learning Objectives:

1.Scarcity, Choice & opportunity cost
2.Scarcity & choice in a one person economy
3. Scarcity & choice in a two or more persons economy
4.Comparative advantage & the gains from trade
5.Specialization, exchange & comparative advantage
6.Capital goods & consumer goods
7.The production possibility frontier
8.The Law of increasing opportunity cost
9.Economics Growth
10.Capital goods & growh in poor & rich countries
11.Economics Systems
12.Mixed system, markets & governments
13.Review terns & concepts.

Ch02-The Economic Problem Scarcity and Choice

Chapter-03.Ch03-Demand, Supply, and Market Equilibrium

Learning Objectives:

1.Farms & households:Basic decision making unit
2.Input Markets & output markets:the curricular flow
3.Demand in product/output markets
4.Changes in quality demanded vs changes in demand
5.Price & quality demanded:The law of Demand
6.Other determinants of Household demand
7.Shift of demand vs movement along a DD curve
8.The impact of a change in DD
9.The impact of a change in related goods
10.From household DD to market DD
11.Supply in product/output markets
12.Price of quantity supplied:the law of SS
13.Other determinants of SS
14.Shift of SS vs movement along a SS curve

15.Shift of SS curve for soybeans following development of a new seed strain

16.From individual SS to market SS

17.Market equllibrium

18.Excess DD

19.Excess SS

20.Changes in equllibrium

21.Relative magnitudes of change

22.Review terms & concepts

Ch03-Demand, Supply, and Market Equilibrium