Principles of Economics

Course Objectives:

The objectives of the principles of economics are to gain an understanding of fundamental economic problems; to create an understanding of 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 background.

 Course Description:

This course studies the principles of economics. The course starts with introducing the meaning, and importance of basic concepts in economics and the principles of economics, 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;
  • Elasticity of Supply
  • Utility
  • explain the law of equi-marginal utility with the use of schedule and graph;
  • Cost and revenues of the firm
  • ……