University of Wales s2

Bangor University Transfer Abroad Undergraduate Programme Module Implementation Plan

MODULE: BUS-111 Micro Economics LECTURER: Alasdair Mackay BUS-112 Macro Economics INTAKE: 2013 Intake SEMESTER: 3 ACTIVITY TYPES: Lectures, presentations, quiz, exams.

Start Date: Oct 08, 2014 End Date: Oct 31, 2014

Tutorial hrs/week Year Semester Academic weeks Module Code Module Name Credits Lecture hrs/week Weeks

Session 1 10 BUS-111 Micro Economics Mon ~Thu 0830 ~1100 Fri 0830~0930 Week 6-9 II 2014 Fall 5 hours/ week 4 2014/10/08~2014/10/31 Session 2 10 BUS-112 Macro Economics Mon ~Thu 1430~ 1700 Fri 0945~1045

Course Detail; Learning Outcomes: Analyze the economic problem using appropriate concepts and methodologies Demonstrate an understanding of the firm’s profit maximizing behavior in different market structures; Apply macroeconomic models to evaluate Government policy; Analyze the international trade environment and the potential effects of a changing global policy on China ; Critique current economic policy worldwide and specifically in China; Demonstrate appropriate use of workplace skills and technology; Assess decision-making from an ethical perspective

Students will not only develop their competency in economic principles, but also develop a deeper understanding of the financial impact of a particular economic decision on a firm’s finances. In this process students will develop their understanding of economic theory and sharpen their economic intuition. Module Content: The Economic Problem; Markets and the Market process; Demand and Supply; Price Mechanism; Price Elasticities; Short and Long run Economies and dis-economies of scale Market failure and government intervention; GDP, Unemployment, Inflation and the business cycle; Macroeconomic equilibrium AD/AS; Macroeconomic business cycles and growth; Fiscal and Monetary Policy. Trade theories China’s business and the Global economy

Lecture will not solely rely on Power Point slides, as students are expected to engage in the material during lecture not spend their energy copying slides. Concepts will be developed in class. To keep the work load manageable, particularly in the setting of an intensive course, there will only be limited outside work – reading (or better understanding the relevant chapters in the textbook) and preparing the mid-term assignment.

Both reading and preparing the mid-term assignment are intended to not only convey content and introduce students to basic academic approaches, but more importantly, to help students build their professional vocabulary and English communication skills. Students with difficulty in the English language should therefore not give up, but pursue this learning opportunity actively.

Attendance and participation in lecture are required, and the instructor will call on students randomly. For example, a lecture may begin with a review of the main concepts covered during the previous class and students may be asked to present their answers in front of class. Therefore, all students should come prepared to each lecture. Besides engaging in the material, speaking in class will give students an opportunity to develop their oral presentation skills and confidence speaking in public, both skills of critical importance in the future workplace.

The content of the course will follow quite closely the textbook in order to give students whose English skills are less advanced the opportunity to review the material more carefully at home. Additional handouts may be distributed in class.

Assessment

Assessment will be based on two 2-hour written examinations (100% total). The final exam will be comprehensive. Assessment Date Value

Class Participation required

Attendance required

Midterm 17th October, 2014 30.00%

Final Exam 31st October, 2014 70.00%

Week Activity Scheduled Activity Details Core Reading + AdditionalLearning Outcomes Student Preparation for Type Contact Hours Reading + Practice Material Tutorial

Week 01 Wednesday Lecture 2.5hrs Introduction Course syllabus/MIP+ Understand Oct 08th Review course syllabus/MIP Core reading: N. Gregory1) syllabus Review readings and Lecture: Micro/Macroeconomics “The Basic Economic Problem” Mankiw ,Principles of2) Micro and Macrolecture notes Economics 6th Ed. economics 3) Scarcity 4) Factors of production Tutorial 2hrs Brief review of course syllabus/MIP 5) Opportunity costs Revisit main concepts of lecture Question and Answers Practice problems hand-out (vary between class discussion, short individual writing assignments, group activity followed by short presentations. Tutorial sheet 1 Thursday OctLecture 2.5hrs Review main concepts from previous class and tutorial Chapter 1+2 1) Role of incentives Review readings and 09th Reflective in-class writing assignment Opportunity costs of higher 2) Positive v. Normativelecture notes education? statements Short Q&A 3) Production Possibility Lecture: The Production Possibility Frontier Frontier(PPF) 4) Marginal Analysis Tutorial 2hrs Revisit main concepts of lecture Question and Answers Practice problems at end of chapter (vary between class discussion, short individual writing assignments, group activity followed by short presentation)

Friday Lecture 2.5hrs Review main concepts from previous class and tutorial Chapter 4+7 1) Define a market Review readings and Oct 10th Short Q&A 2) Explain the inverselecture notes Lecture: Determination of the demand for goods and services. relationship between price Lecture: Determination of the supply of goods and services and demand 3) Analysis the factors in the Tutorial 2hrs Revisit main concepts of lecture real word that cause an Question and Answers increase or decrease in Practice problems at end of chapter (vary between class discussion, demand. short individual writing assignments, group activity followed by short 4) Causes of a shift and a presentation) Prepare accurate and neat supply and demand curve movement in the demand diagrams. Tutorial sheet 2 curve

Saturday Lecture 2.5hrs Review main concepts from previous class and tutorial Chapter 4+6+18 1) Explain the relationshipReading notes and Oct 11th Short Q&A between supply and price lectures Lecture: “Price determination in the market system” 2) identify the causes of a shift in supply 3) price determination in the market system Tutorial 2hrs Revisit main concepts of lecture 4) Explain Consumer and Question and Answers Producer Surplus Practice problems at end of chapter (vary between class discussion, short individual writing assignments, group activity followed by short presentation) Tutorial sheet three

Week 2 Monday Lecture 2.5hrs Revisit main concepts of lecture Chapter 5 1) Elastic/inelastic demandReview notes and lectures Oct 14th Question and Answers and supply Practice problems at end of chapter (vary between class discussion, 2) Price elasticity short individual writing assignments, group activity followed by short 3) Income elasticity presentation) Review main concepts from previous class and tutorial 4) Cross-elasticity Short Q&A 5) Calculate and interpret Lecture: “Elastics of Demand” elastics

Tutorial 2hrs Revisit main concepts of lecture 6) Explain the factors that Question and Answers effect the elastics Practice problems at end of chapter (vary between class discussion, 7)Explain the impact of the short individual writing assignments, group activity followed by short price elasticities on company presentation revenue 8) Graphically depict elasticities Tuesday Lecture 2.5hrs Revisit main concepts of lecture Chapter 13 1) Draw and explain short runReview notes and lectures Oct 14th Question and Answers and long run cost curves Practice problems at end of chapter (vary between class discussion, 2) Explain marginal cost short individual writing assignments, group activity followed by short curve cuts the average cost presentation) Review main concepts from previous class and tutorial curve at lowest point Short Q&A 3) Distinguish between short Lectures” Production in the Short Run” and long run Tutorial 2hrs Revisit main concepts of lecture 4) Understand that the average Question and Answers cost curve is U shaped due to Practice problems at end of chapter (vary between class discussion, diminishing returns short individual writing assignments, group activity followed by short 5) Explain the Law of presentation) Diminishing Returns 6) Profit maximization where MR=MC Lecture 2.5hrs Review main concepts from previous class and tutorial 1) Explain how firms moveReview notes and lectures Wednesday Short Q&A from the short run to the long Oct 15th Lecture: Production in the Long Run run 2) Evaluate the strength and weakness of a division of labour Tutorial 2hrs Revisit main concepts of lecture 3) Explain economies and dis- Question and Answers economies of scale Practice problems at end of chapter (vary between class discussion, 4) Describe internal and short individual writing assignments, group activity followed by short external economies of scale presentation) with graphical examples 5) Describe the effect of dis- economies of scale on the long Thursday Lecture 2.5hrs Chapter 14 Review notes and lectures Oct 16th Review main concepts from previous class and tutorial 1) Characteristics of Perfect Short Q&A Competition Lecture: Perfect Competition 2) Illustrate with diagrams short run with abnormal profit Tutorial 2hrs Revisit main concepts of lecture and loss Question and Answers 3) Illustrate with diagram long Practice problems at end of chapter (vary between class discussion, run with normal profit. short individual writing assignments, group activity followed by short presentation)

Friday Lecture 1hr Review main concepts from previous class and tutorial Chapter 16 +17 1) 1) Characteristics ofReview notes and lectures Oct 17th Short Q&A Monopoly Lecture: Monopoly and Oligopolistic Competition 2) Illustrate with diagrams long run equilibrium 3) Causes of Monopoly power 4) Barriers to entry that cause Mid-term examination Monopoly 5) Oligopoly and Monopolistic markets 6) Illustrate with diagram the kinked demand curve 7) Collusion in the market 8) Give current examples of oligopolistic markets

Week 03

Monday Lecture 2.5hrs Chapter 23-25 1) Main objective ofReview notes and lectures Oct 20th Review main concepts from previous class and tutorial Government Policy Short Q&A 2) The main indicators of Lecture: Introduction to Macroeconomics economic policy Tutorial 2hrs Revisit main concepts of lecture Question and Answers 3) GDP, Inflation, Practice problems at end of chapter (vary between class discussion, Unemployment and the short individual writing assignments, group Balance of Trade 4) Explain the Circular Flow of Income Tuesday Lecture 2.5hrs Review main concepts from previous class and tutorial Chapter 33 1) Explain Aggregate DemandReview notes and lectures 21th October Short Q&A and Supply Lecture: Aggregate Demand 2) Determine what causes a shift in AD

Tutorial 2hrs Revisit main concepts of lecture Question and Answers Practice problems at end of chapter (vary between class discussion, short individual writing assignments, group activity followed by short presentation) Wednesday Lecture 2.5hrs Review main concepts from previous class and tutorial: Chapter 28 1)Unemployment Review notes and lectures October 22nd Lecture GDP 2)Structural and cyclical unemployment 3)Keynes view of the Philips Curve 4)Frictional seasonal and classical unemployment Tutorial 2hrs Revisit main concepts of lecture Question and Answers Practice problems at end of chapter (vary between class discussion, short individual writing assignments, group activity followed by short presentation) Thursday Lecture 2.5hrs Review main concepts from previous class and tutorial Chapter 25 1)Government expenditure Review notes and lectures October 23th Short Q&A 2)Cost and benefits of Lecture: GDP economic growth 3)Trend rate and output gap

Week 04 Monday Lecture 2.5hrs Review main concepts from previous class and tutorial Chapter 26 Explain monetary policy Oct 27 Short Q&A Lecture: Monetary Policy

Tutorial 2hrs Revisit main concepts of lectures Question and Answers Practice exam problems

Friday Final Examinations in the Morning) 100 marks allocation – Details TBC Oct 31 Final Exam