Course Code & Number
ECON 110
Course Title
Principles of Economics
Credit Hours/ ECTS Credits
(3+0+0) 3 TEDU Credits, 5 ECTS Credits
Year of Study:
First Year
Type of Course:
Compulsory
Mode of Delivery:
Face-to-face
Language of Instruction:
English
Pre-requisite / Co-requisite:
Pre-requisites: NONE
Co-requisites: NONE
Catalog Description
Basic tools for economic thinking. Framework to evaluate key microeconomic and macroeconomic topics. The nature of economics. A general view of price system. Markets and pricing. The determination and the control of national income. Fiscal policy. Money, banking and monetary policy. International trade and finance. Economic growth and development.
Course Objectives
The core learning objectives for the course are to demonstrate understanding of the fundamental microeconomic and macroeconomic concepts. The aim of this course is to introduce the concept of a market economy and to investigate how scarce resources are allocated under a price mechanism. At the end of the course students will be able to critically analyze and interpret economic data; apply economic reasoning to analysis of current events and case readings.
Software Usage
Students will use MS Office applications (Word, Excel, Access, Power point) to work on their weekly assignments about 2 hours a week.
Course Learning Outcomes
Upon succesful completion of this course, a student will be able to
1. apply knowledge of basic economic concepts such as scarcity, opportunity cost, elasticity, economic profit and marginal analysis.
2. demonstrate their understanding of how markets clear through the interaction of supply and demand.
3. show graphically and algebraically how firms respond to changing demand and costs.
4. demonstrate their understanding of the welfare properties of perfectly competitive markets and the consequences of market imperfections on output and welfare.
5. measure key macroeconomic variables
6. Demonstrate their knowledge of the major macroeconomic issues, policy objectives and national accounts.
7. find out basic relationships between the variables such as national income, unemployment, budget deficit, money supply, interest rate, inflation rate, exchange rate, and trade deficit.
8. Demonstrate their understanding of the extended Keynesian income-expenditure model algebraically and diagrammatically
9. Understand the creation and role of the Money in the economy.
10. Use the model to analyze a variety of fiscal and monetary policy choices.
Learning Activities and Teaching Methods:
Telling/Explaining
Discussion/Debate
Questioning
Reading
Demonstrating
Problem Solving
Case Study/Scenarion Analysis
Oral Presentations/Reports
Guest Speakers
Web Searching
Assessment Methods and Criteria:
Test / Exam
Quiz
Case Studies / Homework
Presentation (Oral/Poster)
Assessment Methods and Criteria Others:
Recommended Reading
1. Hubbard. R. G. and A. O’Brien, Economics. 3rd Edition, Pearson Prentice Hall Press, New York, 2009.
2. Taylor. J. and A. Weerapana, Principles of Economics. 7th edition, Cengage Learning, Badsworth CA, 2012.
Required Reading
1. Case. K. E. and R. C. Fair, Principles of Economics. Pearson Prentice Hall Press, New York, 2009.
Learning Activities and Teaching Methods Others:
Course & Program Learning Outcome Matching:
