vcc.ca
MGMT 1002: Introduction to Economics
Effective date
September 2022
Department
Business Mgmt PD Diploma
School
Hospitality, Food Studies and Applied Business
Description
This course will examine both micro and macro economic topics within the context of the Canadian economy. Students will focus on gaining a broad understanding of economic theory and its application to contemporary economic issues including the impact of free trade agreements. Students will also explore the rapid growth of Canada's Indigenous communities as a driver of the economy.
Credits
3.0
Year of study
1st Year Post-secondary
Prerequisites
None
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Explain the basic principles of economics including: scarcity, choice and opportunity costs
- Describe the market forces of demand, supply and elasticity
- Describe various types of market structures: perfect competition, monopoly, oligopoly, and monopolistic competition
- Describe the nature, role and demand for money
- Explain how economic variables such as the Gross Domestic Product, the inflation rate, and the unemployment rate are calculated
- Describe the use of monetary and fiscal policies in the context of the Canadian economy
- Identify and describe the drivers of economic growth for Indigenous communities in the Canadian economy
- Describe how foreign exchange rates are determined and their impact on Canada's balance of payments and competitiveness
- Describe how international free trade agreements affect a country's performance as a global trading partner
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 45
Total Hours: 45
Total Hours: 45
Instructional Strategies
lectures, case studies, group discussions
Grading System
Letter Grade (A-F)
Passing grade
D (50%)
Evaluation Plan
|
Type |
Percentage |
Assessment activity |
|
Quizzes/Tests |
30 |
|
|
Participation |
10 |
|
|
Midterm Exam |
30 |
|
|
Final Exam |
30 |
|
Course topics
- 1. Fundamental concepts of Economics
- 2. Scarcity, Trade-Offs and Economic Growth
- 3. The Market, Supply and Demand
- 4. Elasticities, Consumer Behaviour, Externalities, Public Goods and Public Choice
- 5. Production and Costs
- 6. Market Structures
- 8. Introduction to Macroeconomics, Measuring Economic Performance
- 9. Economic Growth in the Global Economy
- 10. Aggregate Demand, Aggregate Supply and Equilibrium
- 11. Fiscal and Monetary Policy
- 12. The contribution of Indigenous communities to the Canadian economy
- 13. International Trade and Free Trade Agreements
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.