Principles of Economics

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.

The course starts with introducing the meaning, and importance of basic concepts in economics and 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
  • ……