MICROECONOMICS

Course Description

Course involves introduction to economics, what is economics? Micro and Macro Economics, Needs, wants, preferences, scarcity and consumer preferences, Production Possibilities Frontier, Opportunity Cost, Budget Line, Cost-Benefit Principle, Explicit and Implicit costs, Elasticity -Inferior goods, normal goods, luxury goods, complement goods and substitute goods, Demand Curve and Supply Curve, Excess demand and supply,Demand and Supply functions, Equilibrium price and quantity by using functions, Types of taxes and their effects on demand and supply,Types of Costs; Fixed costs and variable costs. Calculating total revenue and total costs,Calculating profit and loss,Calculating Break even quantity,Drawing Break Even chart,Types of Depreciation and calculating depreciation.

MICROECONOMICS

Evaluation Tools (Active Term)

Course outcomes

1. 01 Learning and applying the system of ideas regarding the economic thought and decision making
2. 02 Comprehending and being able to apply the cost-benefit principle,
3. 03 Having a clear idea about factors of production and production costs,
4. 04 Ability to apply opportunity cost, economic profit and production possibilities frontier concepts in problem solving
5. 05 Understanding and interpreting the demand and supply concepts in the market
6. 06 Ability to understand and evaluate the total utility and marginal utility concepts,
7. 07 Learning elasticity concept and being able to define the factors which affects the elasticity of demand and elasticity of supply.

Course Syllabus

Reference Books & Course Materials

1. 01 Micheal PARKIN , Economics ( 10 th edition ), 2011 ,Pearson, Addison Wesley
2. 02 Robert FRANK and Ben BERNANKE , Principles of Micro Economics, Brief Edition, Second Edition, 2011, McGraw Hill
3. 03 N.Gregory MANKIW, (3rd edition), Thomson,South-Western

Learning Outcomes

1. L01 To derive possible outcomes by observing microeconomic data SOLO 4
2. L02 To define and calculate the factors which affect the elasticity of demand and elasticity of supply. SOLO 2
3. L03 To define factors of production and forces of the market. SOLO 2
4. L04 To assess the economic performance of markets and the market participants SOLO 5
5. L05 To sketch economic models SOLO 2
6. L06 To compare the economic performance of different markets with reference to the degree of their competitiveness SOLO 4
7. L07 To predict the future economic performance of markets SOLO 5
8. L08 To plan production possibilities under scarcity and the gain from trade SOLO 4

Program Outcomes

1. P01 1. Having the ability to understand and discuss international relations discipline by using an interdisciplinary methodology to merge the knowledge coming from sociology, economics, psychology, political sciences well as diplomatic history.
2. P02 2. Having an adequate knowledge of the history and the epochs of international system and being able to identify historical evolution of the contemporary world politics.
3. P03 3. Recognizing local, regional and international actors functioning within the international system.
4. P04 4. Understanding the legal framework of the current international system
5. P05 5. Ability to identify the relations between the key actors of the international system – the states – from a theoretical as well as multi-dimensional scientific and academic methods.
6. P06 6. Ability to analyse the roles and positions of the non-state actors – international organizations in particular – within the current world system.
7. P07 7. Ability to recognize political, socio-economic and cultural structures embedded in international relations.
8. P08 8. Exploring the roots of conflicts among the actors and produce solutions at local, regional and international levels with an analytical focus.
9. P09 9. Being able to understand the politics and the functioning of political institutions in theory and practice.
10. P10 10. Understanding the historical emergence of various political cultures and gaining ability to assess them comparatively.
11. P11 11. Prepare international relations graduates; having a vast knowledge, academic formation and skills to work in public offices, civil society organizations, international institutions and companies at local and global levels.
12. P12 12. To have moral and ethical understanding in the field of work.

Po-Lo Matrix