FUNDAMENTALS OF ECONOMICS
- Course
- ECON110 - FUNDAMENTALS OF ECONOMICS
- Department
- Economics - English - Undergraduate
- Course Type
- Course
- Status
- Required
- Language
- English
- Credit
- 3
- ECTS
- 5
- T+P+L
- 3 + 0 + 0
- Course Coordinator(s)
- Asst. Prof. Dr. Isah WADA
- Prerequisite
- -
Course Description
This course provides a foundational understanding of economics, covering essential concepts that underpin both microeconomics and macroeconomics. Students will explore key topics such as supply and demand, market structures, the role of government in the economy, inflation, unemployment, and international trade. The course emphasizes the importance of economic reasoning and decision-making, providing students with the tools to analyze economic issues in both personal and professional contexts. By completion of the course, students will have a solid grasp of basic economic principles.
FUNDAMENTALS 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 Cognizance tht agriculture is indeed a type of business enterprise
- 02 Awareness of risks particular to agriculture
- 03 Awreness of the spcificity of markets in agricultural commodities
- 04 Appreciation fo the different types of costs particular to agriculture
- 05 Apreciation of the improtance of cash flows and money managemet
Course Syllabus
| Week | Topic |
|---|---|
| Week 1 | Agriculture as a business enterprise |
| Week 2 | Risk and risk takers. Risks closely associated with agriculture. Examples |
| Week 3 | The business idea and its appliation to agriculture. Cases |
| Week 4 | Fixed and variable costs in agriculture. Studies with numerical examples |
| Week 5 | Break-even analysis in agriculture. Cases and examples |
| Week 6 | Market power and competition. Types of markets |
| Week 7 | Cases of market types in agriculute. Real life examples of market power |
| Week 8 | Mid term exam week |
| Week 9 | Markets of agricultural commodities. Some lessons to the producers |
| Week 10 | Sensitivity analysis. Case studies |
| Week 11 | Further cases of sensitivity analysis |
| Week 12 | Cash flow analysis |
| Week 13 | Cash flow anlysis - examples and real cases |
| Week 14 | Success stories in contemporary agiculture |
| Week 15 | Final exam week |
Reference Books & Course Materials
- 01 Drummond, H, and Goodwin, Johnd W: "Agricultural Economics", third eition Pearson ISBN-13-978-01-36071921
Learning Outcomes
- L01 Cognizance tht agriculture is indeed a type of business enterprise
- L02 Awareness of risks particular to agriculture
- L03 Awreness of the spcificity of markets in agricultural commodities
- L04 Appreciation fo the different types of costs particular to agriculture
- L05 Apreciation of the improtance of cash flows and money managemet
Program Outcomes
- P01 Has knowledge of social service application areas (health, social welfare services, education, social security, civil society, local government).
- P02 Has knowledge of social work theories (system, ecology, empowerment theory).
- P03 Has knowledge of human development and social environment.
- P04 Use knowledge of communication skills (with individuals, families, groups and different social groups).
- P05 Use knowledge of management and management processes (management of private and public social service institutions and organizations)
- P06 Apply knowledge of research methods and techniques in social work.
- P07 Has the ability to perform planned change process (linking, diagnosis and evaluation, planning, implementation, evaluation, termination and monitoring of applications) by considering similarities and differences for all levels of applicants.
- P08 Social service application areas (Health, education, social security, civil society, local government), social service theories (system, ecology, empowerment theory), human development and social environment, communication (with individuals, families, groups and different social groups) apply management and management processes (management of private and public social service institutions and organizations), research methods and techniques, professional ethics, principles and values, and the ability to practice social work with different client groups.
- P09 Has the ability to distinguish and collect appropriate information for social investigation, evaluation and report preparation
- P10 Has the ability to interpret research results and professional literature.
- P11 Has the ability to develop inter-institutional relations, communication and joint services.
- P12 Acts in accordance with professional ethics, norms and standards that determine duties and rights related to social work profession.
- P13 It adopts social justice and rights based approach within the framework of social, scientific, cultural and professional values.
- P14 Develop an understanding of individual, family, group, institution, community, community and global practices in order to improve social functionality and facilitate social change
- P15 Becomes a model to the society with knowledge, skills, values and attitudes and adopts the understanding of lifelong learning.
Po-Lo Matrix
| LO | P01 | P02 | P03 | P04 | P05 | P06 | P07 | P08 | P09 | P10 | P11 | P12 | P13 | P14 | P15 | Average |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| L01 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| L02 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| L03 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| L04 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| L05 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |