Principle of Economics(STAT-5109)

The course is designed for 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. A country’s economy consists of three major economic agents; consumers, firms, and government. Analyzing the choices made by these economic agents is one of the main subjects of microeconomics. Students will learn how the decisions made by economic agents are represented in the market as demand and supply of commodities. Students will also learn about the determinants of macroeconomic conditions (national output, employment, and inflation), aggregate supply and demand, business cycles, public finance, international trade, and monetary and fiscal policy. The teacher is expected to draw examples from the surrounding world to clarify the concepts.

Recommended Texts

Mankiw, N.G. (2018). Principles of microeconomics(8th ed). Australia; Boston, MA: Cengage Learning.
Diulio, E. A. & Salvatore, D.(2011). Schaum's outline of principles of economics(2nd ed). New York: McGraw-Hill Education.

Suggested Readings

Mankiw N .G.(2019). Macroeconomics (10th ed).New York: Worth. Publishers
Nicholson, W & Snyder, C.M.(2010). Intermediate microeconomics and its application(11th ed). Mason, OH: South-Western Cengage Learning.
Froyen, R.T.(2013). Macroeconomics: theories and policies (10th ed). University of North Carolina at Chapel Hill: Pearson.

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

Mid Term: 30 marks

Sessional: 20 marks