MICROECONOMICS

Course Description

This course involves introduction to economics with the question; 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 all will be focused on.

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 Learning and applying the system of ideas regarding the economic thought and decision making
2. L02 Comprehending and being able to apply the cost-benefit principle,
3. L03 Having a clear idea about factors of production and production costs,
4. L04 Ability to apply opportunity cost, economic profit and production possibilities frontier concepts in problem solving
5. L05 Understanding and interpreting the demand and supply concepts in the market
6. L06 Ability to understand and evaluate the total utility and marginal utility concepts,
7. L07 Learning elasticity concept and being able to define the factors which affects the elasticity of demand and elasticity of supply.

Program Outcomes

1. P01 1. Applies foundational nursing knowledge to meet individual, family, and community health needs by providing person-centred care that respects dignity, autonomy, privacy, and informed consent.
2. P02 2. Applies professional standards and quality management principles by using risk assessment, incident/near-miss reporting, audit/feedback, and continuous improvement to strengthen patient safety.
3. P03 3. Integrates theoretical and practical knowledge to deliver holistic preventive, curative, and rehabilitative nursing care by demonstrating therapeutic communication, empathy, and culturally safe practice.
4. P04 4. Delivers evidence-based, high-quality care using health information and communication technologies by documenting accurately, protecting confidentiality/data security, and using clinical technologies safely and appropriately.
5. P05 5. Identifies, analyses, and addresses healthcare problems by formulating clinical questions, searching and appraising evidence, applying findings to practice, and evaluating outcomes using a systematic, research-informed approach.
6. P06 6. Manages nursing care by prioritising, planning, implementing, and evaluating interventions; escalating concerns appropriately; and demonstrating accountability through accurate documentation and responsible delegation/supervision.
7. P07 7. Collaborates effectively within interdisciplinary/multidisciplinary teams by sharing timely information, respecting roles, engaging in constructive conflict management, and contributing actively to shared decision-making.
8. P08 8. Maintains lifelong learning by setting professional development goals, seeking and using feedback, engaging in reflective practice/portfolio work, and updating practice according to current scientific and technological developments.
9. P09 9. Plans and implements community-oriented projects and health promotion activities by using population data, collaborating with stakeholders, advocating for equitable health, and evaluating the impact of initiatives on community/public health.
10. P10 10. Upholds ethical principles by maintaining confidentiality, obtaining informed consent, ensuring fairness/non-discrimination, managing professional boundaries, and reporting unethical or unsafe practices according to regulations.
11. P11 11. Contributes to quality and professional development processes by participating in institutional quality activities , supporting in-field/out-of-field education through mentoring/teaching, and representing the nursing profession appropriately at national and international levels.
12. P12 12. Communicates professionally in at least one foreign language to access and use international evidence, collaborate with global peers, and provide safe, respectful communication for diverse populations.

Po-Lo Matrix