ECON 1200 - Basic Microeconomics, Fall 2021

This course studies the decisions and interaction of consumers and businesses, resulting in an understanding of the process by which prices and quantities are determined in a market setting, while considering behavior economics along with the classic setup. Forms of industrial organization such as competition, monopoly and oligopoly are explored. The main focuses include: 1. supply and demand analysis to examine the impact of economic events on markets, 2. understand the role of government in adjusting the market and addressing income inequality, 3. and analyze the behavior of consumers and firm in terms of the demand for products; 4. demonstrate the performance of firms under different market structures.

Required Textbook

Mankiw, N. Gregory. Principles of Macroeconomics, 9th edition. Cengage Learning (2021).

Optional Textbook

Robert Frank and Ben Bernanke, Principles of Microeconomics (Any Edition).


Section I. Introduction to Economics

Lecture 1 - Chapter 1: Ten Principles of Economics (Notes)                                      

     Richard Thaler on Behavioral Economics: Past, Present, and Future. The 2018 Ryerson Lecture

Dan Ariely on Dating & Relationships at Google Talks

Lecture 2 - Overview of Econ Topics (Notes, Homework, Solution)                              

     Fields of studies in economics

Lecture 3 - Chapter 2: Thinking Link an Economist    

     Tom Griffiths: 3 ways to make better decisions -- by thinking like a computer

Thomas Sowell: Economic vs Political Decision Making Complete

Section II. The Way Markets Work

Lecture 4 - Chapter 4: The Market Forces of Supply and Demand                                                 

     Jenson, Miller, 2008, "The impact of food price increases on caloric intake in China", Agricultural Economics

Jenson, Miller, 2008, "Giffen Behavior and Subsistence Consumption", The American Economic Review

Lecture 5 - Chapter 5: Elasticity and Its Application

     Joseph Stiglitz - Problems with GDP as an Economic Barometer

Lecture 6 - Chapter 6: Supply, Demand, and Government Policies

     World bank data for GDP by countries, and more

Trading Economics data

Section III. Consumer and Welfare

Lecture 7 - Chapter 7: Consumers, Producers, and the Efficiency of Markets

     IMF data on CPI

     John Cochrane -- Is It Getting Hot in Here?

Lecture 8 - Chapter 8: Application: The Costs of Taxation

     ‣ Robert Shiller on Market Bubbles-and Busts

Lecture 9 - Chapter 9: Application: International Trade                                                  

     ‣ Card and Krueger, 1994, "Minimum Wages and Employment", The American Economic Review

Ippolito, Richard, 2003 "The Impact of the Minimum Wage If Workers Can Adjust Effort", The Journal of Law & Economics    

Harasztosi, Linder, 2019 "Who Pays for the Minimum Wage, American Economic Review   

◾ Discussion: Chapter 21: Consumer Choice

Section IV. Public Economics

Lecture 10 - Chapter 10: Externalities

     ‣ Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike Maloney

Lecture 11 - Chapter 11: Public Goods and Common Resources

     ‣ Ray Dalio: How The Economic Machine Works

Lecture 12 - Chapter 12: The Design of the Tax System

     ‣ Khan Academy: The business cycle | Aggregate demand and aggregate supply

Section V. Industry Organization

◾ Lecture 13 - Chapter 13: The Costs of Production

     ‣ Khan Academy: Short-run AS vs Long-run AS

◾ Lecture 14 - Chapter 14: Firms in Competitive Markets

     ‣ Investopedia: Monetary Policy vs. Fiscal Policy: What's the Difference?

     ‣ Olivier Blanchard on Rethinking Fiscal and Monetary Policy, Post-COVID

◾ Lecture 15- Chapter 15: Monopoly

     ‣ Emi Nakamura on Is the Phillips Curve Getting Flatter

Lecture 16- Chapter 16: Monopolistic Competition

Lecture 17- Chapter 17: Oligopoly

Section VII. Labor Markets

Lecture 18- Chapter 19: Earnings and Discrimination

Lecture 19- Chapter 20: Income Inequality and Poverty

Chunyu Qu