Course Overview

The purpose of this course is to provide student with basic understanding of the principles of microeconomics and macroeconomics.  At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. This course aims at providing planning students with the foundation to economic systems, theories and terminologies.

Course Objectives

The course will help students to gain understanding and knowledge in:

·       How and why economic decisions are made and how they affect one another in the economy

·       Major microeconomic and macroeconomic issues

·       How the economy behaves at the individual and the aggregate levels

·       Economic problems 

Intended Learning Outcomes (ILOs)

At the end of the course the students will be able to-

·       Explain economic problems;

·       Identify how individual economic agents make rational choices given scarce resources and will know how to optimize the use of resources at hand;

·       Understand some simplistic economic models related to Production, Trade, and the Circular Flow of Resources;

·       Analyse and apply the mechanics of Demand and Supply for Individuals, Firms, and the Market;

·       Apply the concept of Elasticity as a measure of responsiveness to various variables.

·       Classify various market structures;

·       Produce macroeconomic policy suggestions.