Introduction to Economics (Econ- 5101)

The course is designed for the beginners with either no formal background or very little acquaintance with economics. It develops the ability to explain core economic terms, concepts, and theories. The objective is to give the students a clear understanding of the basic concepts, tools of analysis and terminologies used in microeconomics and macroeconomics. Emphasis will be on the use of graphs, diagrams and numerical tables/schedules for exposition. Students will also learn about the determinants of macroeconomic conditions (national output, employment, and inflation), aggregate supply and demand, business cycles, public finance, and monetary and fiscal policy. The teacher is expected to draw examples from the surrounding world to clarify the concepts.

Course Pre-requisites:

Course Learning Outcomes:

After successful completion of this course, students will be able to:

1. Demonstrate how businesses can use economic models in their decision making;

2. Identify what determines the demand and supply for goods and services and explain how changes in these factors affect the market equilibrium price and quantity;

3. Analyse efficient production decisions under different types of market structures; and identify when and why markets fail to perform efficiently;

4. Describe macroeconomic aggregates such as GDP, unemployment, and inflation, and their limitations as a measure of the economic performance of a nation;

5. Analyse why and how different branches of government implement policies designed to manage the economy in the short and long-run; and

6. Communicate effectively the outcome of economic research and analysis through a written report or oral presentation.

Recommended Books:

1. Nicholson. 2010, Intermediate Microeconomics. The Dryden Press. Harcourt Bravo College, Publishers, New York San Francisco.

2. N. Gregory Mankin, 6th Edition, Intermediate Macroeconomics.

3. Varian, H. R, Intermediate Microeconomics, 8th Edition, W.W. Norton & Company, New York.

Description of the System of Evaluation (Exam, assignments etc.):

Mid Term: 30 marks

Sessional: 20 marks