Introductory Economics

Introductory Economics deals with the national economy as a whole— macroeconomics, in terms of inflation and unemployment. The book also discusses.
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• Introductory Economics (ECON 001): Home
• Introductory Economics (ENVC) - Module catalogue, Student home, University of York
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• CORE PROJECTS/EBOOKS

Appreciate the problem of market failure to natural resources and the environment. Identify the economic insights behind environmental management problems and the use of market-based incentives for their resolution. Evaluate welfare impacts behind the different policies for managing the environment.

Apply the concepts of economic externalities and public goods. Apply economic theory to real world environmental issues.

Analyse the behaviour of producers and consumers that impact on the environment. Assess income inequality in the society. Describe and evaluate the economic performance of nations and regions. Understand the relationships among economic growth, human welfare and the environment.

Identify the essential features of an economic problem, and apply this in an environmental management context. Evaluate economics insights of environmental degradation issues. Address public policy issues using the language and approach of economics. Articulate economic reasoning, and communicate this to others orally and in writing.

Perfect competition assumes that no seller is large enough to sway the natural movement of the market owing to its large market share and cash reserves, which too often becomes the case for corporations in a capitalistic system with the wherewithal to wipe out smaller players. In these cases, regulations to prevent monopolies and unfair practices become all the important to ensure that the market remains efficient.

On the other hand, too many government regulations and quotas pre-liberalization India was on the verge of bankruptcy hinder the natural process towards equilibrium and result in easily avoidable inefficiencies in the system. How much government regulation is the right amount is a question which we are yet to answer with full confidence, but we know for sure that both extremes can be really bad! Taking a holistic example in lieu of an easier and obvious one — research proves that the money one earns contributes hugely towards average life happiness in the initial stages of getting those riches, but its role tapers off sharply as the income grows.

The economists refer to this is as the law of diminishing marginal utility.

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The fundamental concept which is responsible for economic growth as we know it is specialization of labor. If an entity is really efficient in producing a commodity output to input ratio is high , it has an advantage over another entity which is not that efficient in producing the commodity under consideration.

If I am good at making shoes and you are good at making jam, it makes sense to do what we are good at and trade afterwards.

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Moreover, the economies of scale prove to be an icing on the cake — the production cost per unit decreases as we produce more and more of the same units the initial one-time setup cost can be a major part of the total expense. And the best part is that both parties are better off after doing the transaction and so is Mother Earth, for less wastage. Just to appreciate the grandeur of this simple idea, just imagine your standard of living in a world where you have to produce everything for yourself.

You would likely revert to a medieval lifestyle, growing your own food and defending our own property. Say goodbye to the iPhones, cushy jobs, roads even the shitty ones , branded clothes and the air-conditioned comforts. Studying economics can be both rewarding and intimidating at first, but knowledge of basic economics is essential not only for the B-School junta but for anyone who interacts with markets.

In an era where having money is one of the prime determinants of the ability to make more of it, you better watch out and get your basics right.

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• Introductory Economics.
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CORE PROJECTS/EBOOKS

SImply select the "unsubscribe" link at the bottom of every email or contact the CITT office and ask to be removed. Introductory Economics This course introduces both micro- and macro-economic models and looks at the role of individual consumers, firms, and industries within the larger economic system. Supply and demand Distribution of income Structure of competition Business cycle theory Monetary and fiscal policy Economic growth International trade Course grads will be able to: Please send me more information! Keep me updated on