SUPA Economics 203 Course Outline
TOPIC
APPROXIMATE LENGTH
Microeconomics
Chapter 1 – Introduction to Economics
 Limits of Economics
 Scarcity
 Micro vs. Macro
 Developing the Model
1 Week
Chapter 2 – Modeling Individual Choice
 Assumptions
 Diminishing Marginal Utility
 Decision Rule
 Relaxing Assumptions
1 Week
Chapter 3 –Interdependent Choice and Market Coordination
 The Division of Labor and Trade
 The Role of Money in the Market
 The Market System
2 Weeks
Chapter 4 – Product Market Demand Under Perfect Competition
 Product Demand
 Demand Elasticity
 Shift Variables
2 Weeks
Chapter 5 –Product Market Supply Under Perfect Competition
 Product Supply
 Marginal Cost and Firm’s Cost Structure
 Shift Variables
1 Week
Chapter 6 – Representing the Power of the Invisible Hand
 Marginal and Average Costs
 Total Revenue, Total Cost, and Profit
 Incentive and The Magic of Markets
.5 Week
Chapter 7 – The Factor Market
 The Factor Market and the Factors of Production
 Factor Market Supply
 Factor Market Demand
1 Week
Chapter 8 – General Competitive Equilibrium
 General Equilibrium
 General Competitive Equilibrium
.5 Week
Chapter 9 – Market Power, Market Failure, and General Equilibrium
1 Week
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Market Power and Market Structures
Rent-Seeking
Market Power and Social Institutions
Market Failure
Public Goods and Free Riders
Externalities
Chapter 10 – The Microeconomy and the Government
 The Policy Debate
 Government Intervention-Cases and Issues
 Government Intervention-The Philosophical Debate
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1 Week
Distributive Justice and the Role of Government
Macroeconomics
Chapter 11 – Introduction to Macroeconomics
 The Macroeconomic Perspective
 Unemployment
 GDP
2 Weeks
Chapter 12 – The Basic Macro Model
 Aggregate Demand
 Aggregate Supply
1 Week
Chapter 13 – Aggregate Demand
 Consumption
 Investment and Capital Markets
 Trade Balance
 International Capital Flows
 Exchange Rates
 Government Budget Position
2 Weeks
Chapter 14 – Aggregate Supply and the Transition to Policy
 Sources of Aggregate Supply Shifts
 Transition to Policy
.5 Week
Chapter 15 – Policy: The Promise and the Problems
 Macroeconomic response to Unemployment
 Macroeconomic response to Inflation
 Macroeconomics and the Invisible Hand
 The Promise
.5 Week
Chapter 16 – Monetary Policy
 The Fed
 Banks
 Fractional Reserves
 Monetary Policy Tools
 Financial Crises
1 Week
Chapter 17 – Fiscal Policy
 The Budget Process
 Fiscal Policy Intervention
 The Crowding Out Effect
 The Fiscal Policy Debate
1 Week
Chapter 18 – Trade Policy
 Competitive Edge and Costs of Production
 Exchange Rates and Manipulation
 Quotas and Tariffs
 Trade Policy Issues
 Globalization, International Economic Policy and Sustainability
.5 Week
Chapter 19 – Conclusion
 The Ricardo-Malthus Debate
 John Maynard Keynes
 Testing the Model and the Problem of Testing
.5 Week
Additional Topics not part of the SUPA course to be covered if time allows:
Financial Markets
 Investing
 Investing Options
 Stock Markets
 Market Indexes
Business Organizations
 Sole Proprietorships
 Partnerships
 Corporations
 Franchises
 Non-profits
 Co-ops

Trade Associations