INTRODUCTION TO ECONOMICS

Introduction to Economics provides students with a foundational understanding of how economies operate on both a small (micro) and large (macro) scale. The course explores key economic concepts, principles, and models that help explain human decision-making, market interactions, and the role of government in the economy.

Students will examine how individuals, businesses, and societies allocate limited resources to satisfy unlimited wants. Core topics include supply and demand, market structures, production and costs, national income, inflation, unemployment, monetary and fiscal policy, and international trade.

By the end of the course, students will be able to:

  • Understand basic economic terminology and principles.

  • Analyze how markets work and why they sometimes fail.

  • Evaluate the effects of government policies on the economy.

  • Explore global economic interactions and the role of trade.

Key Topics Covered:

  1. Basic Economic Concepts
    Scarcity, opportunity cost, trade-offs, and the production possibilities curve.

  2. Microeconomics

    • Supply and demand

    • Elasticity

    • Consumer and producer behavior

    • Market structures (perfect competition, monopoly, oligopoly)

  3. Macroeconomics

    • Gross Domestic Product (GDP)

    • Inflation and unemployment

    • Economic growth

    • Business cycles

  4. Government and the Economy

    • Fiscal policy (taxation and government spending)

    • Monetary policy and the role of central banks

  5. International Economics

    • Trade and comparative advantage

    • Exchange rates

    • Globalization and economic development

Assessment Methods:

  • Quizzes and exams

  • Problem sets

  • Essays and short responses

  • Group projects or case studies