MICROECONOMICS
Preferences, Resources and
Economic Efficiency
“What”,
”How”, ”For Whom”
Marginal Analysis and
Opportunity Cost
Tradition
Command
Market
Production Possibilities Curve
Price
Inelasticity
Price
elasticity
Unitary
Price Elasticity
Variation
in Price Elasticity of Demand
Other
Elasticities of Demand
Theory of Consumer Behaviour
and the Real world
Firm Supply in the Short Run
Market Supply
Market Supply in the short run Shifting market supply curve
Equilibrium
of the Firm
Market
Supply in the Long Run
Real- World Applications
Estimating
Production Frontier
Labour
Productivity
Factor
Returns and Scale Returns
Supply
Elasticity
Intervention in the Market
Taxes and Subsidies
Dynamic
Adjustments in the Market
Effect
of changes in Short Run
Effect
of changes in Long Run
Cyclical
Patterns in Market
Marginal
Equivalency Conditions
Resource
Allocation and Profit-Maximizing Behaviour in the Short Run
Resource
Allocation and Profit-Maximizing Behaviour in the Long Run
The
Wonderful World of Adam Smith versus the Real world
Regulation and Economic
Efficiency
Private
Goods and Public Goods
Externalities: Positive and
Negative
Externalities, Collective Action
and Economic Efficiency
The Problem of
Collective Decision Making
Income Distribution,
Collective Action and Economic Equity
The Theory of Absolute
Advantage
The Theory of Comparative
Advantage
The Terms of Trade and Voluntary Exchange
Argument for Trade Restrictions
The Operation of the International Sector
(Simplified Model)
MACROECONOMICS
Demand for Gross National
Product
Potential
Output in the Long Run
Relationship
between the Unemployment Rate (U), Potential Output (Q), Actual Output (Y)
Production
Possibilities Frontier (PPF)
Circular
Flow of Income 2 sector Model
Theory
of Income Determination
GNP
GNE
GNI
or Y
National Output
National Income and
Expenditure Equality
Investment
Gross
Investment
Net
Investment
The
Development of Macroeconomic Models
The
Solution to the Simple Model
Average
Propensity to Consume (APC)
Marginal
Propensity to Consume (MPC)
Labour
Force
Capital
Stock
Technology
Change
Introduction
Bank
Credit Creation Credit Multiplier
Types of Demand for Money
Equilibrium
Interest Rates and National Income Levels
The Monetary
Sector (LM Curve)
The Real
Goods Sector (IS Curve)
The
Expanded Model: Shifting the Curves
Cause
and Effects of Inflation
Demand
Pull
Cost
Push
Modern Quantity Theory
versus Keynes Policy Implications
National
Goals: Policy Implications
Good
and the Bad
1. Definition
of National Output
Aggregate
Demand
Gross
Domestic expenditure (GDE)
National
Income and Expenditure Equality
2. Current
and Constants Prices
Nominal
Gross National Product (GNP)
Real
Gross National Product
3. Multiplier
Conditions
for an Expenditure Multiplier to exist
Common
Misconceptions about Multiplier
5. Managing
the Components of Gross National Product
Main policy task to manage Aggregate Demand
Managing
Actual Output (Y)
Managing
Investment
Investment in the Welfare
Function
Indirect effects
of Policy changes
Real and Nominal
Interest Rates can Differ
The Cause of Inflation
Demand for Final
Goods and Services
Wage Rate inflation
affects Inflation Rate
10. Operation
of the International Sector
Managing Imports
Estimating the Balance
of Trade
The
Determination of the Exchange Rate