Lecture 1 : Economic Problem and Opportunity Cost
• define the nature of the economic problem (finite resources and unlimited wants);
• define opportunity cost and analyse particular circumstances to illustrate the
concept;
• evaluate the implications of particular courses of action in terms of opportunity
cost.
- factors of production
Lecture 2: Allocation of resources and market forces of Demand and supply
- describe the allocation of resources in market and mixed economic systems;
• demonstrate the principle of equilibrium price and analyse simple market situations
with changes in
demand and supply;
• describe the causes of changes in demand and supply conditions and analyse such
changes to show
effects in the market;
Lecture 3: Price elasticity of demand
• define price elasticity of demand and supply and perform simple calculations;
- Graphs
• demonstrate the usefulness of price elasticity in particular situations such as
revenue changes,
consumer expenditure;
Lecture 4: Social Costs/Benefits and Market Failure
• describe the concept of market failure and explain the reasons for its occurrence;
• evaluate the merits of the market system;
• define private and social costs1 and benefits and discuss conflicts of interest in
relation to these costs
and benefits in the short term and long term through studies of the following issues:
• conserving resources versus using resources;
• public expenditure versus private expenditure.
Lecture 5: Money, Banks and the Stock exchange
• describe the functions of money and the need for exchange;
• describe the functions of central banks, stock exchanges, commercial banks;
Lecture 6: The individual as producer, consumer and borrower (Part 1)
• identify the factors affecting an individual’s choice of occupation (wage factors and
non-wage factors);
• describe likely changes in earnings over time for an individual;
• describe the differences in earnings between different occupational groups
(male/female; skilled/
unskilled; private/public; agricultural/manufacturing/services);
Lecture 7: The individual as producer, consumer and borrower (Part 2)
• describe trade unions and their role in an economy;
• describe the benefits and disadvantages of specialisation for the individual;
• analyse the different motives for spending, saving and borrowing;
• discuss how and why different income groups have different expenditure patterns
(spending, saving and
borrowing).
Lecture 8: Types of business organizations
• describe the type of business organisation in the public and private sectors: sole
proprietors,
partnerships, private companies, public companies, multi-nationals, co-operatives,
public corporations;
• describe and evaluate the effects of changes in structure of business organisations;
• describe what determines the demand for factors of production;
Lecture 9: Cost, Revenue and Profit
• define total and average cost, fixed and variable cost and perform simple
calculations;
• analyse particular situations to show changes in total and average cost as output
changes;
• define total and average revenue and perform simple calculations;
• describe the principle of profit maximisation as a goal;
Lecture 10: Size of firm and market share
• describe pricing and output policies in perfect competition and monopoly;
• describe the main reasons for the different sizes of firms (size of market, capital,
organisation);
• describe and evaluate integration, economies and diseconomies of scale;
• discuss the advantages and disadvantages of monopoly.
Lecture 11: Role of government in an economy (Part 1)
• describe the government as a producer of goods and services and as an employer;
(works for people not profit)
• describe the aims of government policies, such as full employment, price stability,
economic growth,
redistribution of income, balance of payments stability;
• discuss the possible conflicts between government aims;
Lecture 12: Role of government in an economy (Part 2)
• describe the types of taxation (direct, indirect, progressive, regressive,
proportional) and the impact of taxation;
• discuss the government’s influence (regulation, subsidies, taxes) on private
producers.
Lecture 13: Economic Indicator - Inflation
• describe how the retail price index is calculated;
• discuss the causes and consequences of inflation.
Lecture 14: Economic Indicator - Employment
• describe the changing patterns and levels of employment;
• discuss the causes and consequences of unemployment.
Lecture 15- Economic Indicator - Output
• define Gross Domestic Product (GDP);
• describe simple measures and indicators of comparative living standards, such as
GDP per head, Human
Development Index (HDI).
Lecture 16- Developed and Developing Economies (Part 1)
• describe why some countries are classified as developed and others are not;
• recognise and discuss policies to alleviate poverty;
• discuss differences in living standards within countries and between countries, both
developed and
developing.
Lecture 17- Developed and Developing Economies (Part 2)
• describe the factors that affect population growth (birth rate, death rate, fertility
rate, net migration) and
discuss reasons for the different rates of growth in different countries;
• analyse the problems and consequences of these population changes for countries
at different stages of
development;
• describe the effects of changing size and structure of population on an economy;
Lecture 18- International Aspects (Part 1)
• describe the structure of the current account of the Balance of Payments;
• define exchange rates;
• discuss the causes and consequences of exchange rate fluctuations;
Lecture 19- International Aspects (Part 2)
• describe the benefits and disadvantages of specialisation at regional and national
levels;
• describe methods of protection;
• discuss the merits of free trade and protection.
LESSON 20(a) - Trade Basics
LESSON 20(b) - Means of Trade
LESSON 20(c) - Exchange rates
LESSON 20(d) - Trade and the Country
LESSON 21- Specialization
LESSON 22 - Perfect Competition and Mono
