ESSENTIALS OF ECONOMICS
- Course
- ECON211 - ESSENTIALS OF ECONOMICS
- Department
- Economics - English - Undergraduate
- Course Type
- Course
- Status
- Required
- Language
- English
- Credit
- 3
- ECTS
- 6
- T+P+L
- 3 + 3 + 0
- Course Coordinator(s)
- Asst. Prof. Dr. Isah WADA
- Prerequisite
- -
- Keywords
Course Description
This course aims to give basic knowledge of micro and macroeconomics to students. The aim of the course is to introduce the market economy to the students and to examine how the scarce resources are distributed under the price mechanism. Basic microeconomic issues such as introduction to market economy, demand, supply, consumer theory, firm theory, perfect competition and basic macroeconomic issues such as national income, employment, unemployment, inflation, foreign trade, current account deficit, monetary policy, fiscal policy and economic growth are analyzed. In addition, it gives more emphasis to theoretical analysis than technical analysis. This will enable students to understand and comment on current economic issues more plainly
ESSENTIALS OF ECONOMICS
Evaluation Tools (Active Term)
| Item | Type | Weight (%) |
|---|---|---|
| Quiz 1 | Quiz | 15 |
| Quiz 2 | Quiz | 15 |
| Midterm | Midterm | 30 |
| Final | Final | 40 |
| Total | 100 | |
Course outcomes
- 01 Learning and applying the system of ideas regarding the economic thought and decision making
- 02 Comprehending and being able to apply the cost-benefit principle,
- 03 Having a clear idea about factors of production and production costs,
- 04 Ability to apply opportunity cost, economic profit and production possibilities frontier concepts in problem solving
- 05 Understanding and interpreting the demand and supply concepts in the market
- 06 Ability to understand and evaluate the total utility and marginal utility concepts,
- 07 Learning elasticity concept and being able to define the factors which affects the elasticity of demand and elasticity of supply.
Course Syllabus
| Week | Topic |
|---|---|
| Week 1 | Introduction to Economics, what is economics? Micro and Macro Economics |
| Week 2 | Economic way of thinking ; choices ,trade-offs,scarcity ,opportunity cost |
| Week 3 | Production Possibilities Frontier, Budget Line - circular flow diagram |
| Week 4 | Demand and Factors effecting demand -Supply and Factors effecting supply |
| Week 5 | Elasticity - Calculations -Inferior /normal goods, luxury goods, complement and substitute goods |
| Week 6 | midterm |
| Week 7 | midterm |
| Week 8 | Utility and demand |
| Week 9 | output and costs |
| Week 10 | Output and Costs |
| Week 11 | Markets and firms-quiz |
| Week 12 | Perfect Competition |
| Week 13 | Monopoly - quiz |
| Week 14 | Monopolistic competition , oligopolistic markets |
| Week 15 | Revision |
Reference Books & Course Materials
- 01 Micheal PARKIN , Economics ( 10 th edition ), 2011 ,Pearson, Addison Wesley
- 02 Robert FRANK and Ben BERNANKE , Principles of Micro Economics, Brief Edition, Second Edition, 2011, McGraw Hill
- 03 N.Gregory MANKIW, (3rd edition), Thomson,South-Western
Learning Outcomes
No learning outcomes have been defined.
Program Outcomes
- P01 Has knowledge of the basic concepts, theory and methods in the field of public relations, advertising, marketing and integrated marketing communications.
- P02 Has knowledge of the appropriate media planning processes for target audiences in the field of public relations and advertising.
- P03 Is able to write periodic reports on the activities carried out in the fields of public relations and advertising.
- P04 Is able to use research and planning methods and techniques related to public relations and advertising.
- P05 Knows organisational crisis management processes.
- P06 Knows the media and digital media communication techniques and processes related to the promotion of institutions and organisations.
- P07 Knows the creation and application of media strategy in the field of public relations and advertising.
- P08 Has knowledge of legal regulations and ethics related to public relations and advertising.
- P09 Is able to conduct marketing and consumer behavior research and undertake planning based on this research data.
- P10 Is able to conduct public relations and advertising campaigns.
- P11 Is able to use digital media and social media in the fields of public relations and advertising.
- P12 Has the ability to use current and effective presentation techniques in the field of public relations and advertising.
- P13 Is able to monitor social developments and changes in the behavior of the target audience and use the information obtained to design public relations and advertising campaigns.
- P14 Is able to take initiative in solving problems in the fields of public relations and advertising by acting as a responsible individual as well as a team member.
- P15 Is able to create and implement brand and communication strategies.
- P16 Is able to analyse consumer behavior in traditional and digital channels of communication using scientific methods and to evaluate the unique dynamics of these channels.
- P17 Is aware of and acts in accordance with the standards and ethical codes of national and international professional organisations in the fields of public relations and advertising.
- P18 Can communicate effectively within an international study and work environments.
- P19 Can apply their learning into practice in real work contexts,
Po-Lo Matrix
The PO-LO matrix has not been populated yet.