Introduction to Economics - C 102

Course Objectives

  1. Explain the basic economic problem faced by all societies.
  2. Explain how a “free” market works (i.e. without government intervention).
  3. Justify the use of Government Involvement in Markets.
  4. Become proficient in drawing and analyzing economic graphs.
  5. Use quantitative measurements to explain how consumers and producers respond to changes in prices and income.
  6. Apply the concepts of market efficiency to explain how markets function and “fail to function” properly.
  7. Explain how economists model consumer and producer behavior.

Course Content

  • The Principles of Economics
  • The Market Forces of Supply and Demand
  • Elasticity and Its Application
  • The Costs of Production
  • Firms in Competitive Markets
  • Monopoly, Monopolistic Competition and Oligopoly
  • The Markets for the Factors of Production
  • The Theory of Consumer Choice
  • Measuring a Nation’s Income
  • Production, Growth and Unemployment
  • The Monetary System
  • Open-Economy Macroeconomics: Basic Concepts
  • Aggregate Demand and Aggregate Supply
  • The influence of Monetary and Fiscal Policy on Aggregate Demand

Recommended Text:

Robert H. Frank, Principles of Economics 5th Edition. McGraw Hill, 2012

N.Gregory Mankiw, Principles of Economics 5th Edition. South-Western Cengage Learning. 2011