Course Title: Economics 400 - Advanced Economic Theory
Unit 1: Microeconomic Theory
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Consumer Theory
● Utility and preferences
● Budget constraints and consumer choice
● Indifference curves and utility maximization
● Income and substitution effects
Producer Theory
● Production functions
● Cost functions
● Profit maximization
● Short-run vs. long-run decisions
Market Structures
● Perfect competition
● Monopoly
● Oligopoly
● Monopolistic competition
● Price discrimination
Game Theory
● Basics of game theory
● Nash equilibrium
● Prisoner's dilemma
● Sequential games
Unit 2: Macroeconomic Theory
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National Income Accounting
● Gross Domestic Product (GDP)
● Components of GDP
● Real vs. Nominal GDP
Aggregate Demand and Supply
● Aggregate demand curve
● Aggregate supply curve
● Equilibrium in the macroeconomy
Money and Banking
● Functions of money
● Money supply and money demand
● Banking system and the Federal Reserve
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Fiscal Policy
● Government spending
● Taxation
● Fiscal policy tools
● Fiscal multipliers
Monetary Policy
● The role of the central bank
● Interest rates and the money supply
● Open market operations
● Inflation targeting
Unit 3: International Economics
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International Trade
● Comparative advantage
● Trade barriers (tariffs, quotas)
● Trade agreements (e.g., WTO, NAFTA)
Exchange Rates
● Determinants of exchange rates
● Exchange rate systems (fixed vs. floating)
● Balance of payments
Globalization
● Benefits and challenges of globalization
● International capital flows
● Global economic institutions (e.g., IMF, World Bank)
Unit 4: Economic Policy
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Economic Growth
● Theories of economic growth
● Factors affecting growth
● Policies for promoting growth
Income Inequality
● Measurement of inequality
● Causes and consequences of income inequality
● Policy approaches
Environmental Economics
● Externalities
● Public goods
● Sustainability and policy solutions