Module Details of the Economics Program
Introduction to Microeconomics
Content
· What are ‘economics’ and ‘microeconomics’, the ten principles of economics, and the two roles of economists?
· How markets work (the theory of demand and supply, elasticity of its application, markets and welfare)?
· The economics of the public sector (externalities, public goods and common resources)
· Firm behaviors, and the organization of industry (the theory of firms, firms in competitive market, monopoly, oligopoly, and monopolistic competition)
· Case studies of economic phenomena in China (for example the license plate auction of private cars in Shanghai, the competitive behaviors among Chinese firms, etc.)
Expected Outcomes
Students successfully completing this module will
· understand economic problems and possible solutions, comprehend necessary tools for economic analysis and the relevant social and technological environments within which economic policies are applied;
· apply the analysis of particular economic situations in life; and
· understand the potential and limits and of economic policies.
Introduction to Macroeconomics
Content
· What is ‘macroeconomics’, its breadth and relationships with other disciplines
· Macroeconomics is a branch of economics (dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies. Microeconomics and macroeconomics are the two most general fields in economics.)
· Case studies of macroeconomic problems (for example macroeconomic policies: fiscal and monetary policies. Both forms are used to stabilize economy, which usually means boosting the economy to the level of GDP consistent with full employment.)
· Basic skills in the macroeconomics science field
Expected Outcomes
Students successfully completing this module will
· demonstrate knowledge of the way in which people interact with their macroeconomics and the approaches to dealing with economic problems;
· demonstrate the knowledge and understanding of the application of macroeconomics; and
· demonstrate the competency in a range of skills required for successful macroeconomic in higher education (e.g. numeracy, IT, oral and written communication).
Industrial Economics
Content
· The behavior of firms, and the structure of industries
· Apply game theory to understand the strategic interaction of firms when the assumptions of perfect competition break down.
· Combine theoretical microeconomic analyses with studies of actual firm behaviors in individual industries.
· Introduce relevant subjects, including pricing, game theory, collusion, entry deterrence, outsourcing, and adverse selection.
Expected Outcomes
Students successfully completing this module will
· have incorporate insights from the developments in industrial economics and consider regulation for consumer protection;
· master some basic knowledge of the pricing, game theory, collusion, entry deterrence, outsourcing, and adverse selection; and
· use industrial organization theory, viewpoints and methods to analyze domestic and world economy issues.
Service Economics
Content
· Service Economics is a compulsory course for the Economics program. This course is about the basic theories of service economy, and introduces the basic methods and tools.
· Study the definition of service and the service industry, the accounting of modern service industry and the connotation of economic service.
· Analyze the factors influencing the development of the service industry, and the impact of service industry development on manufacturing.
· Emphasize the motivation of service globalization, service outsourcing, service industry international competitiveness, service innovation and policy, etc.
Expected Outcomes
Through the learning of service economics, students will
· understand the basic concepts and basic knowledge of service economics, familiarize themselves with the theoretical system of service economics, and master the trends and laws of service industry development; and
· grasp the basic principles of service economics, and be able to apply relevant theoretical analysis and solve practical problems.
Econometrics
Content
· Econometrics is one of the fundamental courses for the Economics, Trade and Finance programs.
· The course aims to provide students with systemic theories and analysis methods of econometrics.
· Students should interpret OLS mechanics and analyze the omitted variable bias. The students are expected to know about the variance of OLS estimator.
· Students are expected to have a general idea on OLS asymptotics and understand the meaning of adjusted R-squared and prediction.
· Students should know the consequences of heteroskedasticity for OLS, the test for heteroscedasticity, and weighted least square estimation.
· Students should know basic regression analysis with time series data.
Expected Outcomes
Students successfully completing this module will
· be able to apply theoretic models in analyzing real economic issues, and establish a theoretic foundation, and build and solve econometric models; and
· with the class lectures and the supporting case study, problem-oriented discussion, presentation and computer operation, students will improve their ability to build and solve econometric models.
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Game Theory
Content
· Game theory is the study of decisions-making when the actions of decision makers interact directly with each other, and the equilibrium of such decisions. For example, game theory is about the study of the decision-making problem and profit maximization problem of an enterprise or the equilibrium problem when the choices of two subject (such as enterprises) are effected by each other. So game theory is also called the countermeasure theory.
· This course is designed to analyze how companies compete within the framework of game theory and information economics. It will focus on how to design successful competitive strategies, in particular on how companies acquire and maintain market forces in strategic interactions, and how companies use their market forces.
Expected Outcomes
Students successfully completing this module will:
· understand the laws in all kinds of games and how to analyze and resolve the problems in our economy and society;
· find and analyze relevant cases with related theories; and
· understand the game theory better through experiments, enhance the ability of operation and communication, and be able to integrate theory with practice.
