Basic Economic Concepts:

• Definition of Economics – the importance of scarcity in economics
• Two big Economics Questions – how economics provides the answers
• The Economic Way of Thinking – stress importance of choices and tradeoffs
• Economics as a Social Science and Policy Tool –treating economics as a social science
• Graphs in Economics – explain (with examples) the various types of graphs

Demand and Supply:

• Production Possibilities & Opportunity Cost –tradeoffs and the efficient use of resources, economic growth, gains from trade, and coordination
• Demand –the difference between change in quantity demanded and change in demand.
• Supply –the difference between change in quantity supplied and change in supply.
• Market Equilibrium – stress the fact that price acts as a regulator and discuss price adjustments.
• Changes in Price and Quantity – the law of supply and demand to predict prices and quantities.
• Price Elasticity of Demand – highlight the practical significance to businesses of price elasticity.
• More Elasticity of Demand – review the principles of price elasticity with actual examples.
• Price Elasticity of Supply – calculations and factors that influence elasticity of supply.
• Resource Allocation Methods –the ability of markets to allocate resources efficiently and fairly.
• Demand and Marginal Benefit – what occurs when marginal benefit equals marginal cost
• Supply and Marginal Cost – the relationship between cost and price

Competitive Markets:

• Is Competitive Market Efficient? – Explore efficiency, competitive equilibrium, invisible hand.
• Are Markets Fair? – Explore the importance of considering the fairness issue in economics.
• Housing Markets and Rent Ceilings – Discuss the response of the market to ceilings.
• The Labour Market and the Minimum Wage – Allow students to debate this issue: from an Economic standpoint and from a social/political point of view
• Taxes, Subsidies, and Quotas, and Markets for Illegal Goods – effects on prices and quantity

International Trade:

• Patterns and Trends in International Trade – Review both trade in goods as well as services
• Gains from International Trade – how the standard of living has increased as a result
• International Trade Restrictions – students to debate the pros and cons of restricting trade
• Protectionism – Discuss pros and cons of protectionism
• The Firm and its Economic Problem – opportunity cost, the firm’s profit and economic profit.
• Technological and Economic Efficiency – Stress the increasing role played by technology
• Information and Organization – Explain the different types of businesses
• Markets and the Competitive Environment –the trend towards consolidation and its impact.

Produce or Outsource:

• Produce or Outsource – Discuss how cost impacts this decision
• Decision Time Frames – Explore the short-run and long-run
• Short-run Cost – the relationship between total, marginal, and average product curves
• Long-run Cost – long-run average cost curve: how economies and diseconomies of scale occur
• Competition – Discuss the importance of competition.
• The Firm’s Decisions in Perfect Competition –profit in business decision making
• Output, Price, and Profit in Perfect Competition – short-run vs. long-run decisions
• Changing Tastes and Advancing Technology – changing tastes and technology affect businesses
• Competition and Efficiency – Discuss the importance of efficient use of resources

Monopolistic Concepts:

• How a Monopoly arises – Describe how a monopoly works, barriers, and price setting.
• A Single-Price Monopoly’s Output and Price Decision and Competition compared:
•      - how price and marginal revenue is related to the elasticity of demand for its good,
•      - comparing output and price, rent seeking, and rent seeking equilibrium.
• Price Discrimination and Regulation – Explain what the benefit of a monopoly is
• Monopolistic Competition –different forms of competition in monopolistic competition.
• Price and Output in Monopolistic Competition –short-term vs. long-term profits.
• Product Development and Marketing – Stress the key role of innovation and advertising
• Oligopoly – use current examples to reinforce the increasing role played by oligopolies
• Oligopoly games – played by oligopolies to win market share and to increase profitability
• Anti-combine Law - examples of how these laws benefit consumers

Labour Market:

• Factor Markets – the four factors of production and the demand for these factors
• Labour Markets – the demand and supply of labour
• Capital Markets – the demand and supply of capital
• Natural Resource Market – the importance of renewable and non-renewable natural resources
• Gross Domestic Product –the circular flow of expenditure and income in understanding GDP
• Measuring Canada’s GDP – Contrast the expenditure and income approaches
• Measuring the Economic Growth –the importance of comparison with other countries
• Natural Resource Market –the importance of renewable and non-renewable natural resources
• Jobs and Wages – Stress the importance of calculating the real wage rage
• Unemployment and Full Employment – Highlight real GDP and unemployment over the cycle

Financial Market:

• The Consumer Price Index –importance of CPI to all groups including CPP inflation adjustments
• The rule of 70 – how we can estimate the time to double any figure which compounds its value
• Growth of GDP – Production Function grows if labour supply, capital, and technology collaborate
• Growth theories – Identify the difference between the three growth theories
• Financial Markets –capital investment, financial capital, and the roles of financial institutions
• Supply and Demand for loanable funds – supply and demand of funds based on interest rates
• Government influence over loanable funds –the effects of government surpluses and deficits
• What is money – Explain the importance of medium of exchange
• Creation of money by banks – how commercial banks can create money
• Demand for Money and Interest Rate Determination –factors that influence demand for money.

Learning Formats       BTBM_ECF

This course is currently available in a classroom setting (public or company private) with approximately 60 contact hours.

PDF – Certificate Of Completion

This course offers a certificate of completion that identifies the course, the student, and a brief description of the course. To receive a certificate the student must have attended at least 80% of the course sessions. This personalized certificate is forwarded to the student by Email.

PDF – Course Notebook

This course includes a notebook in PDF format that provides the minimum knowledge the student must master in order to obtain the certificate. In the notebook you will find references to other study materials. Students receive the notebook by Email when their registration is confirmed.

PDF – Program Overview

An overview of this study program can be downloaded from the website by right-clicking on the program link on the enquiry page.

PDF – Current Training Schedule

A list of upcoming training sessions can be downloaded from the website by right-clicking on the schedule link on the enquiry page.

Registration – Service Providers

To register for any training course please look on the enquiry link page of your service provider (from where you accessed this website). On the page you will find a registration request form where you can order the course that you are interested in. The availability dates will be provided to you, along with payment instructions if you decide to go ahead.