Basic Economics

Course Description

Economics is a practical and widely relevant discipline, with applications that influence nearly every aspect of our daily lives. Even individuals without a formal degree in economics should understand its basic principles. That’s why everyone needs to understand the fundamental concepts of economics. It is an introductory course that helps students create a basic understanding of various principles of economics and their applications in decision-making. This course introduces students to the primary and more familiar topics of the two major branches of economics: microeconomics and macroeconomics. Topics in the microeconomics part include contrasting macroeconomics and microeconomics, scarcity, fundamental economic problems, different economic societies, opportunity costs, the law of demand and supply, market equilibrium, total and marginal utility, laws of production, cost of production, accounting versus economic profits, pricing under different market structures, efficiency, externalities, public goods, free riding problem, and market failure & resolution. Topics in the macroeconomics part include various approaches of national income accounting, gross domestic product, economic growth, business cycles, unemployment, inflation, aggregate supply, aggregate demand, money & exchange rates, taxation, budget, and international trade & globalization.