ECON5335 - International Economics - PowerPoint PPT Presentation

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ECON5335 - International Economics

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ECON5335 - International Economics Chapter 1 Economic Basics Definition of economics Scarcity Opportunity cost Factors of production PPC Positive vs normative ... – PowerPoint PPT presentation

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Title: 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
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