ECON5335 - International Economics

1
ECON5335 - International Economics

• Chapter 1
• Economic Basics

2
Some economic basics

• Definition of economics
• Scarcity
• Opportunity cost
• Factors of production
• PPC
• Positive vs normative
• Economic systems
• Approaches in economics
• Economic modelling
• Difference between macro and micro?

3
Some economic basics - micro

• Difference between macro and micro
• Law of demand
• Shifts along vs shifts in demand
• Law of supply
• Shifts along vs shifts in supply
• Market equilibrium
• Government intervention
• Market failure examples
• Industry structure PC thru to monopoly

4
Demand
5
Supply
6
Equilibrium
7
Some economics basics - macro

• National income accounting identity
• GDP
• GNP
• Economic growth
• Productivity definition
• Inflation
• Unemployment
• Business cycles and phases
• Exchange rates

8
The circular flow diagram