Download Akeem Rahaman

EDINBURGH BUSINESS SCHOOL PROGRAMME
COURSE OUTLINE
HERIOT WATT MBA
10:00am to 1:00pm
Sunday
Part-Time
Economics
PROGRAMME:
DURATION:
DAY(S):
MODE:
COMPONENT:
LECTURER:
CAMPUS:
Lecture
Number
Time
Hrs
Cum
Hrs
Lecture Topic
No./ Type
Outcomes: At the end of the session students
of
should be able to:
Session
Sunday
8-Jan-2017
10:00am to
1:00pm
3
3
Introduction to
Economics
1 / Lt
2
Sunday
15-Jan-2017
10:00am to
1:00pm
3
6
The Price
MechanismDemand and
Supply
2 /Lt
10:00am to
1:00pm
3
Elasticity of
demand and
supply
3 / Lt
10:00am to
1:00pm
3
The Theory of
Consumer
Behaviour
4/Lt
4
Sunday
60
Akeem Rahaman
Champs Fleurs
Lecture Day &
Date
Sunday
60
Contract Hours:
Actual Hours:
1
3
A Great Place to Learn.
22-Jan-2017
29-Jan-2017
9
12
Understand the meaning of economics. Explain the
general condition of scarcity. Define economic
problems,economic systems, economic process,
economic policy.Compare planned economy and
mixed economy. Elucidate the usefulness of
microeconomics.Explain the difference between
microeconomics and macroeconomics.
Explain the concept of the market. Define an
economic good. Understand the concept of demand
and the factors influencing demand. Distinguish
between movements along and a demand curve and
shifts in the demand curve.Understand the concept of
supply and the factors influencing supply.Determinate
and illustrate equilibrium price. Explain how the price
mechanism allocates scarce resources. Distinguish
between floor price and ceiling price.
Understand Price Elasticity of Demand, Cross –
Elasticity of Demand and Income – Elasticity of
Demand.
Explain mathematically the concept - price elasticity
of demand.
Illustrate the various types of price elasticity of
demand.
Calculate the elasticity of demand from data provided.
Describe the factors affecting the elasticity of demand.
Explain the importance of elasticity of demand.
Repeat the above outcomes for Elasticity of Supply.
Demonstrate the applications of elasticity of demand
and supply.
Explain the assumptions of Utility Behaviour
Understand the concept of utility and the theories of
Utility
Explain the law of Diminishing Marginal Utility
Understand Consumer Equilibrium
Illustrate the effect of a price rise on consumer
equilibrium
Establish the relationship between marginal utility and
elasticity of demand and consumer equilibrium and
changes in income
Explain and illustrate how the the Demand Curve is
derived from the marginal utility curve
Criticize the Cardinal Utility Theory
Concepts and
Definitions
Economics
Opportunity Cost
Scarcity
Economic Problems
Economic Theory
Production
Possibility Curve
Expected
Reading
Questions
Items Due
For Next
Class
Module 1
Module 2
MCQ. December Read Module3
1996, Essay 1
Module 4
Market, Economic
Module 3
good, Demand,
Module 4
Supply, Equilibrium Module 5
price, Minimum
price, Maximum
price
MCQ, June 2005 Read Module 5
Case Study,
December 2008
Case Study, June
2009 Case Study,
December 2010
Essay.
Price elasicity of
Module 3
Demand, Income
Module 4
Elasicityof Demand, Module 5
Cross Elasticity of
Demand, Elasticity of
Supply, Elastic
Inelastic, Unit
Elasticity, Perfectly
elastic, Perfect
inelastic
MCQ, December Read Module
2001 Case Study, 3, module 4
December 2004
Case Study, June
2012 Case Study.
Utility, Law of
Diminishing
Marginal Utility,
Consumer
Equilibrium
Module3
Module 4
5
Sunday
5-Feb-2017
10:00am to
1:00pm
3
15
The Theory of the
Firm: Production
and Costs
5/ Lt
Recognize and explain the various types of costs
Fixed cost, Variable
Distinguish between fixed and variable costs and long - cost, Short-run
run and short - run costs
costs,Long-run cost,
Explain and illustrate economic cost vs. accounting
Economic cost,
cost
Accounting
Understand the difference between total costs, average costs,Total cost,
costs and marginal costs
Average costs,
Explain why is the short – run average cost curve is U - Marginal cost, Total
shaped?
revenue, Average
Understand the differences between total, average
revenue,Marginal
and marginal revenues
revenue, profit
Explain the firm’s profit maximization price and
maximization, Law
output
of diminishing
Distinguish between the laws of diminishing returns returns, economies of
and economies of scale
scale, diseconomies
Explain internal and external economies of scale.
of scale
Explain how firms grow
Compare horizontal and vertical integration with
conglomerate diversification
Describe the concept diseconomies of scale
Discuss why small firms continue to exist
Module3
MCQ. Case
Read Module 5
Study in the
following years
June 2003, June
2004, December
2003, December
2006, June 2010
6
Sunday
12-Feb-2017
10:00am to
1:00pm
3
18
Market Structures
: Perfect
Competition and
Monopoly
6/Lt
Explain the characteristics of the four market
structures:
Perfect Competition, Monopoly, Monopolistic
Competition and Oligopoly
Distinguish between market structure, conduct and
performance
Explain and illustrate the revenue and cost
structureIllustrate how price, output and profit
maximization are obtained in the Short run and Long
run periods.
Explain the entry and exit of firms from the industry.
Compare normal, super normal and sub normal
profits.
Explain the shut down position of the firm in the short
run.
Perfect competition,
Monopoly,
Monopolistic
competition,
Oligopoly, Market
structure, Market
conduct, Market
performance, Normal
profit
Module 7
MCQ . June 2000 Read Module 6
Case Study,
Module 8
December 2006
Essay 1
7
Sunday
19-Feb-2017
10:00am to
1:00pm
3
21
Economic
Efficiency and
Market Failure
7/ Lt
Understand the meaning of economic efficency
through the concept of the marginal equivalency
condition.Explain market failure and the causes of
market failure
Describe imperfections in the market, divergences
between social costs and private costs and divergences
between social benefits and private benefits
Define and illustrate the consequences of externality
Distinguish between private goods and public goods
Explain the characteristics of public goods
Distinguish between market and non–market goals
Explain the methods of regulating the market using
price regulations, indirect taxation and subsidies
Ecomomic
Efficiency, Marginal
Equivalency
Condition, Market
failure, Market
Imperfections,
Externality,
Public good,
Economic equity
Module 6
Module 8
MCQ, Essay 1 in Read Module 9
years:
June 2010,
June 2009,
December 2008,
June 2007, June
2006, December
2005,June
2005,December
2004,
Sunday
26-Feb-2017
Sunday
5-Mar-2017
Monopolistic
Competition, Product
differentiation, NonPrice Comprtition,
Oligipoly, Sources of
Oligopoly, Cartel
Model, Price
Leadership Model,
Kinked Demand
Curve Model
Module 7
Read Module9
8
Carnival Sunday (No Class)
9:00am to
1:00pm
4
25
Market Structures
: Monopolistic
Competition and
Oligopoly
8/Lt
List the characteristics of monopolistic competition
Explain product differentiation
List and explain the forms of product differentiation
Explain the forms of Non – Price Competition
Illustrate the Short- run & Long-run Equilibrium of
monopolist competition Describe the market structure
of an oligopoly
Compare monopolist competition with oligopoly
Explain the sources of Oligopoly
Describe the basic models of oligopoly
Illustrate the profit maximizing position of the
oligopolist
9
Sunday
12-Mar-2017
9:00am to
1:00pm
4
29
The Factor
Market
9/Lt
Determine the factors of production and their rewards.
Explain the marginal productivity theory.
Using the marginal productivity theory derive the
demand and supply curve of labour.
Explain how wages are determined in the labour
market.
List the limitations of the marginal productivity
theory.
Explain the causes of labour market imperfections.
List the reasons for labour immobility.
Describe Transfer Earnings and Economic Rent.
Marginal
Productivity Theory,
Marginal revenue
product, Marginal
cost of labour,
Labour market
imperfections,
Labour immobility,
10
Sunday
19-Mar-2017
9:00am to
1:00pm
4
33
International
Trade and
Balance of
Payments and
Exchange Rate
10/Lt
11
Sunday
26-Mar-2017
10:00am to
1:00pm
3
36
11/Lt
10:00am to
1:00pm
3
National
Economic
Accounting:
GDP, GNI.
National Income
National Income
Determination:
Potential and
Investment
and
Explain the reasons for International Trade, Illustrate
the laws of Absolute and Comparative Advantage,
Discuss the main arguments of Free Trade, Explain
the protectionis tmeasures and the reasons for
protection, Illustrate the
Terms of Trade (T of T), Explain the arguments
against protection. Define Balance of Payments,
Explain
the accounting
in the
construction
Define what
is Nationalrules
Income,
Explain
how is of
it the
12/Lt
measured, Discuss the relationship between GDP,
GNI (GNP) & NI ,Explain the problems encountered
in measuring National Income,
Demonstrate the purpose of compiling National
Accounts, List the factors influencing the size of the
National Income. Understand the aims of
Macroeconomics
Explain the business cycles or trade cycles and the
Law of Absolute
Module10
Advantage, Law of
Comparative
Advantage, Free
trade, Terms of
Trade. Balance Of
Payments, Balance of
Trade,
Current
GDP, GNI,
National Module 11
Income,Gross Capital Module 12
Formation,
Module 13
Consumption of fixed Module 14
capital, Exports,
Imports Keynesian
economics,
AggregateCycles,
demand,
Business
Module 15
12
Sunday
2-Apr-2017
39
the Business
Cycle, Fiscal
Policy: the
Balanced Budget
Module 9 MCQ. June 2002: Read Module
Case Study:
10
December 2002:
Essay 1
June 2001: Case
Study
December 2000 :
Case Study
June 2008: Case
study
December 2012:
Case Study
MCQ, December Read
2005 Case Study, Module11
Module 12
MCQMCQ, June
2006 Essay 2
December 2002 –
Case Study
June 2003
Modeled along
RBE
June 2010
MCQ,
Essay 2
multiplier accelerator theory, Understand what keeps
the business cycle moving, Explain the paradox of
thrift,Understand the impact of government taxation
(T) and government spending (G) on the trade cycle,
Explain how government can influence private
investment, Construct a balance budget, Justify
government's intervention in the economy, Explain the
use of fiscal policy to achieve the macroeconomic
goals
Trade Cycles,
Paradox of Thrift,
Fiscal policy,
Balanced Budget
Module 16 December 2008
December 2004
June 2000.
Module 13
Module 14
Module 15
Module 16
Module 20
13
Sunday
9-Apr-2017
10:00am to
1:00pm
3
42
Unemployment
and Inflation
13/Lt
Explain what is unemployment, List the various types
of unemployment, Demonstrate why unemployment is
a serious problem, Use fiscal policy to influence
unemployment, Explain what is inflation, Illustrate
how inflation is measured, List and discuss the
theories of inflation, Determine the relationship
between inflation and unemployment
Unemployment,
Natural Rate of
Unemployment,
Demand deficient
unemployment, Cost
Push and Demand
Pull inflation,
Phillips Curve
Module 20 MCQ, Essay 2 in:
December 2002
December 1996
June 2004
June 2002
Module 17
14
Sunday
16-Apr-2017
10:00am to
1:00pm
3
45
Money and
Banking and the
Functions of the
Central Bank.
14/Lt
List the functions and attributes of money,
Explain the concept money supply and define the
various monetary aggregates, Clarify the role and
functions of Credit, Describe the role and functions of
financial intermediaries, List the functions of the
Commercial banks and distinguish among its three
conflicting aims,
Explain the relationship between bank deposits and
the creation of money, Explain the functions of the
Central Bank, Discuss the instruments of monetary
policy and their application, Differentiate between
fiscal and monetary policy
Functions of money,
Money supply,
Financial
Intermediation,
Credit multiplier,
Open Market
Operations, Repo
Rate, Statutory
Reserve
Requirement,
Monetary policy
Module17 MCQ, December
2011 Essay 2
Read Module
18
15
Sunday
23-Apr-2017
8:00am to
1:00pm
5
50
The Demand for
Money and
Monetary policy.
The IS-LM Model
15/Lt
Explain the Quantity theory of money,
Distinguish between the monetarist views and the
Keynesian views on the Demand for Money,
Explain the Keynesian reasons for Holding Money,
Illustrate the Liquidity Preference Schedule,
Explain and illustrate how Interest Rates are
determined by the Keynesian and the Monetarist.
Differentiate the different forms of monetary policy,
Select a monetary target/money supply.
Illustrate the IS and LM schedulesand demonstrate
movements and shifts of the IS and LM curves,
Calculate equilibrium in both the goods and money
market, Demonstrate the effect of a fiscal expansion
and a monetary expansion.
Analyze the mix of monetary and fiscal policy
Quantity Theory of
money, Transaction
motive,
Precautionary
motive, Speculative
motive, Liquidy
Preference
Curve,Demand for
Money. IS Curve,
LM Curve, Real and
Monetary sectors
equilibrium,
Damping effect,
Crowding Out Effect
Module 18 MCQ, MCQ,
and 19
Essay 2 in
December 2002,.
June 1999,
June 1998,
December
2003,
June
2007
Module 21
16
Sunday
30-Apr-2017
5
55
Revision
16/EP
Revision of Microeconomics and Macroeconomics
17
Sunday
7-May-2017
8:00am to
1:00pm
8:00am to
1:00pm
5
60
Revision
17/EP
Revision of Microeconomics and Macroeconomics
Key / Legend
Review Questions
Review Questions
Key / Legend
Lt = Lecture
T=Tutorial
Lb = Lab
EP = Exam Prep
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Last Notes: SBCS reserves the right to make changes to the information contained herein. Any changes effected to the information
contained herein will be made known to all students concerned via class announcement. It is thus the responsibility of the student
to attend all classes and to keep abreast of matters should they be absent from any class session. Students are advised and encouraged
to contact their fellow classmates for updates where class sessions have been missed.
Date syllabus last modified: Jan 3, 2012
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