Produce a report on the content coverage. PPT attached
Table of Contents
Week 1: What is Economics?
Most students have a general idea about what economics is all about but will feel more confident in their understanding after they have read chapters one and two in the textbook and reviewed the PowerPoint slides. The main principles of economics will be touched upon as well as some simple economic models that explain the economy as a whole. It is important that students become familiar with models and graphs since they are often used to explain economic concepts.
In this week you will:
- Learn the different definitions of economics, distinguish between microeconomics and macroeconomics, normative and positive statements
- Learn the main principles of economics
- Learn the meaning of absolute advantage and comparative advantage
- See how comparative advantage explains the gains from trade and its implication for national policy
Week 2: Demand and Supply
This week the student is introduced to one of the core concepts in economics: the supply and demand model which graphically illustrates a competitive market with many buyers and sellers.
In this week you will:
- Learn the nature of a competitive market
- Learn the determinants of demand and supply in a competitive market and see how they together set the price of a good and the quantity sold
- Consider the role of prices in allocating scarce resources in market economies
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