This course provides an introduction to a broad range of economic concepts, theories and analytical techniques. It considers both microeconomics - the analysis of choices made by individual decision-making units (households and firms) - and macroeconomics - the analysis of the economy as a whole. The use of a market, supply and demand, model will be the fundamental model in which trade-offs and choices will be considered through comparison of costs and benefits of actions. Production and market structure will be analysed at the firm level. Macroeconomic issues regarding the interaction of goods and services markets, labour and money at an aggregate level will be modelled. The role of government policy to address microeconomic market failures and macroeconomic objectives will be examined. On successful completion of this course, students will be able to:

1. Describe and explain how microeconomic models can be used to consider fundamental economic choices of households and firms.
2. Describe and explain how macroeconomic models can be used to analyse the economy as a whole.
3. Describe and explain how government policy influences microeconomic choices and macroeconomic outcomes.
4. Interpret and use economic models, diagrams and tables and use them to analyse economic situations.

Important reference books are:

1. Mankiw, G. - Principles of Economics – Latest Edition, South-West Publishers.
2. Samuelson and Nordrons - Economics –Latest Edition- McGraw Hill.
3. McConnel and Bruce - Principles of Economics -17thEdition (2006)- McGraw Hill.
4. Lipsey and Goerant-Principles of Economics-10thEdition (2003)- Oxford University Press

Prerequisites: NIL

Description of Evaluation Procedure: Mid-Term 30 Marks (Online, MCQs)   Final Term Exam: 25 Marks(Online MCQs)   Viva: 25 Marks    Sessional: 20 Marks

Key Dates: Commencement of Class: 26, October 2020        Mid Term Exam: January 11-14, 2021   Final Term Exam: March 1-5, 2021     Declaration of Result: March 12, 2021

Class Timing: 2:30-4:00 PM Monday & Tuesday