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Introduction to Economics

By Timothy Lambie-Hanson


The\ud course\ud begins\ud by\ud covering\ud introductory\ud topics\ud in\ud microeconomics:\ud the\ud analysis\ud of\ud individual\ud economic\ud decision-­‐making\ud units,\ud such\ud as\ud firms\ud and\ud households,\ud and\ud the\ud market\ud in\ud which\ud they\ud exchange\ud goods\ud and\ud services.\ud We\ud examine\ud several\ud market\ud structures:\ud perfect\ud competition,\ud monopolistic\ud competition,\ud monopoly,\ud and\ud ologopoly,\ud before\ud briefly\ud discussing\ud scenarios\ud where\ud markets\ud may\ud fail,\ud i.e.\ud the\ud presence\ud of\ud externalities.\ud We\ud then\ud turn\ud to\ud macroeconomics:\ud the\ud study\ud of\ud the\ud economy\ud as\ud a\ud whole.\ud Important\ud topics\ud include\ud unemployment,\ud inflation,\ud growth,\ud and\ud the\ud tools\ud available\ud used\ud by\ud government\ud to\ud impact\ud a\ud national\ud economy.\ud With\ud particular\ud focus\ud on\ud US\ud institutions,\ud we\ud will\ud discuss\ud the\ud role\ud of\ud monetary\ud policy\ud in\ud trying\ud to\ud limit\ud inflation\ud while\ud encouraging\ud robust\ud economic\ud growth

Year: 2014
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