Course Objective: Examining The General Functioning Of Price
Course Objectiveexamining The General Functioning Of A Price System U
Course Objective: Examining the general functioning of a price system using fundamentals of supply and demand. This class will explore the variety of market forms, theory of factor incomes and the effects of government intervention to promote efficiency and equity. Assignments : There will be four different types of assignments each week (32 assignments total). The first three assignment types namely, the Prelecture Assignment, the Bridge Assignment, and the Problems Assignment will be accessed using FlipIt Econ. The fourth assignment type, the Sapling Assignment will be accessed through the Sapling Learning websit.
Paper For Above instruction
The core objective of this course is to analyze how a price system functions in various economic contexts, emphasizing the roles of supply and demand as the fundamental forces that determine market prices. The course aims to provide students with a comprehensive understanding of how prices allocate resources efficiently and equitably within different market structures, as well as the impact of governmental policies on market outcomes. To achieve this, students will explore the various forms of markets, such as perfect competition, monopolistic markets, oligopolies, and monopolies, examining how each structure influences price setting, resource allocation, and overall economic welfare.
Fundamentals of supply and demand serve as the backbone of this exploration. These principles elucidate how prices are determined through interactions between buyers and sellers, considering factors like consumer preferences, production costs, and external influences. Students will analyze models of demand and supply curves, shifts due to changes in market conditions, and the concept of market equilibrium. Such analysis provides insight into price fluctuations and the forces behind market clearing processes. Moreover, an understanding of elasticities of demand and supply will highlight the responsiveness of quantities to price changes, which is vital for evaluating the effects of taxes, subsidies, and price controls.
An essential part of the curriculum involves studying the theory of factor incomes, which explains how resources such as land, labor, capital, and entrepreneurship earn income within the market system. This includes discussions on rent, wages, interest, and profits, and how these are determined under different market conditions. By understanding factor markets, students can better grasp income distribution and the implications of various policies aimed at promoting economic equity or efficiency.
The course also critically examines the role of government intervention in markets. Students will evaluate policies such as price ceilings, price floors, taxes, and subsidies, analyzing their intended effects and unintended consequences. The overarching goal is to comprehend how government actions can correct market failures, promote social welfare, and foster both efficiency and equity. Such analysis involves reviewing case studies and empirical data to understand real-world applications of government policies.
Assignments are structured to reinforce theoretical concepts through practical application. There are four types of weekly assignments—Prelecture, Bridge, Problems, and Sapling—designed to enhance comprehension and critical thinking. The Prelecture assignments introduce foundational concepts before class discussions, while the Bridge assignments connect theory to real-world scenarios. The Problems assignments provide opportunities to solve quantitative and conceptual questions, fostering problem-solving skills. The Sapling assignments, accessible via the Sapling Learning website, offer personalized practice and immediate feedback to solidify understanding of complex topics.
Overall, this course aims to equip students with a solid grasp of how price systems operate within various economic frameworks, emphasizing their importance in resource allocation, income distribution, and policy formulation. By integrating theoretical analysis with empirical evidence and practical exercises, students will develop the analytical tools necessary for understanding and appraisal of market mechanisms and their implications for economic policy.