Principles of economics

The objectives of the principles of economics are to gain an understanding of fundamental economic problems; to create understanding about current economic issues and their remedies; to develop preliminary knowledge of economic concepts for understanding national and international economy; to provide mastermind students to save the country from external shocks who already have a sound economic back ground.

students will be able to:

  • Explain the ideas of economics given by Adam Smith, Marshall and Lionel Robbins;
  • differentiate between microeconomics and macroeconomics;
  • define the concept of descriptive, theoretical and policy economics;
  • differentiate between individual and market demand;
  • explain the assumptions behind the law of demand;
  • differentiate between supply and stock;
  • analyze the practical importance/application of the law of supply;
  • explain and apply the concepts of elasticity of Demand and Supply
  • Explain utility approaches 
  • explain the law of equity-marginal utility with the use of schedule and graph;
  • Cost and revenues of the firm
  • Market structure
  • Resources pricing
  • The circular flow models of the economy
  • Measurement of national income
  • Inflation, and unemployment
  • ……