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Course Description

Number of Modules: 9  |  Credit Hours: 22

UEC Credits: 2

Final exam passing grade: 60%

This course covers the fundamental issues of both microeconomics and macroeconomics. On the micro side topics include demand and supply analysis, consumer theory, theory of the firm, and market structures. On the macro side the course covers a description of gross domestic product (GDP). Aggregate demand and supply analysis is used to explain business cycles as well as inflationary and deflationary output levels. Monetary and fiscal policy are explained. International trade and finance are covered under topics as benefits of trade, international organizations to facilitate trade, and exchange rate theory.

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Modules

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NOTE: The modular nature of this program allows different learners to tailor their courses to their needs. You may choose to take one course (for interest, or for a personal need), a series of courses (for career advancement, for example), or a series of modules (for professional certification preparedness in a particular field).

View course objectives

Credit Hours: 2

In this module, the basic principles of demand and supply are carefully described. The benefits of market equilibrium are presented using the ideas of producer and consumer surpluses. Market interference is introduced and shown not to be beneficial. The important concepts of elasticity of demand and supply are developed.

Credit Hours: 2

In this module, demand curves are derived using budget line – indifference curve analysis. The reason demand slopes down is explained via the income and substitution effects of a price change. This analysis sheds light on concepts such as normal and inferior goods.

Credit Hours:2

The supply curve of the firm is derived in this module by examining the cost side of firm production. Fixed cost and variable cost are identified and the cost curves of the firm are drawn. Given alternative prices, the supply curve is derived as being profit-maximizing output levels. Both short run and long run analysis are described. The important concepts of the long run, economies, and diseconomies of scale, are presented.

Credit Hours: 3 

Both the demand and supply sides are re-introduced in this module so as to understand behavior in the product market. The four major market structures of perfect competition, monopolistic competition, oligopoly and monopoly are developed and compared.

Credit Hours: 4 

This module introduces aggregate output measured by gross domestic product and the GDP components are identified. The effect on output via shifts in aggregate demand aggregate supply curves can help explain different states of the economy. The production function and sources of economic growth are identified.

Credit Hours: 2 

Output growth and decline occurs cyclically; the trend line traced out by this movement is called the business cycle. This module covers the phases of the cycle and examines the theories which try to explain this behavior. Economic indicators designed to help us understand where we are in the cycle are listed and explained.

Credit Hours: 3 

Government involvement in the economy is discussed via monetary and fiscal policies. This module carefully explains these two methods and shows how the central authorities use them to influence employment, output, and prices.

Credit Hours: 2 

The economic model is opened up to include “the rest of the world” in this module. The benefits of international trade and capital flows are presented. Restrictions on trade via tariffs and quotas as well as creators of trade via countries forming economic unions and joining international structures such as the international monetary fund and the world trade organization are examined. The balance of payments of a country and its separate accounts to measure trade activity is presented in this module.

Credit Hours: 2 

This module discusses the foreign exchange market, the market which residents of one country must enter to do business with residents of another country. Concepts such as spot rates and futures rates and their relationship between nations are explained. The ideal currency regime is compared with existing exchange rate regimes. How exchange rates influence the balance of payments closes out this module.

Instructor

Alan Hochstein holds an undergraduate degree in business from Concordia University and an MA and Ph.D. in Economics from McGill University. Currently, he is a Full Professor at Concordia and has been there for over 30 years. During this time he has held several senior administrative positions including Director of the MBA Program, Associate Dean, Graduate Programs, Associate Vice-Rector, Academic and Acting Dean of the Business School.

Professor Hochstein has published papers in several journals, presented academic papers in Canada, the US and in Europe and has written two textbooks in economics. He has taught at McGill and Concordia Universities in Montreal. His popular MBA level micro and macro-economic courses are compulsory courses in both the regular and the Executive MBA Programs at the John Molson School of Business.

Course instructors and the program director are available to you at all times via email to answer your questions about course contents and how to organize your study time wisely to get the best out of the study materials. KnowledgeOne also provides technical support via email and phone:

Email: fac@knowledgeone.ca
Tel.: (514) 989-1616

“I loved having the possibility to study whenever and wherever I could; topics were very well explained by the instructor; plus I had the possibility to take the tests many times.”

John H.

“Very easy to use – Very good instructor – Notes easy to use and follow.

Margaret N.

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