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Economics 2181 Syllabus

This document provides an overview and outline for an economics course. It covers topics such as defining economics, microeconomics and macroeconomics, the importance of economics for engineers, fundamental economic problems, demand, supply, elasticity, consumer demand theory, market structures, costs, basic economic indicators, inflation, and monetary, fiscal and trade policies.

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tylerduden148369
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30 views7 pages

Economics 2181 Syllabus

This document provides an overview and outline for an economics course. It covers topics such as defining economics, microeconomics and macroeconomics, the importance of economics for engineers, fundamental economic problems, demand, supply, elasticity, consumer demand theory, market structures, costs, basic economic indicators, inflation, and monetary, fiscal and trade policies.

Uploaded by

tylerduden148369
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Economics 2181 overview

Sec A
Chapter 1 (Introduction)

1. Define economics.
Ans: Economics is the study of how we make decisions in a world where
resources are limited.
Economics is social science, which is concerned with the efficient use of scarce
resources to achieve the maximum satisfaction of economic wants.
Economics is not only a science but also an art. It is a science in its methodology
and an art in its application. It has a theoretical aspect and it also an applied science
in its practical aspects.

2. Show the difference between micro & macro.


Ans: The word micro comes from the Greek word ‘Mikros’ means millionth part. It
is like looking through a microscope to focus in small part of economy. It studies
decisions of individuals and firms in economy. In microeconomics we study-
o one product’s price
o one individual consumer’s demand and his income
o study of individual firm’s location, cost, revenue and profit
o individual consumer’s behavior

The word macro comes from the Greek word ‘Makros’ means large or big. It is
concerned with aggregate and average of the entire economy. It deals with
economy wide phenomena such as changes in unemployment, general price level
and national income etc. In macroeconomics we study-
 NI, BOT and BOP
 Foreign exchange
 Employment and economic growth
 Fiscal and monetary policy
 General price level
 Aggregate output

3. Why economics important for engineers?


Ans:
 Resource Allocation: Economics helps engineers understand the concept of
scarcity and how resources should be efficiently allocated to maximize
output in engineering projects.

 Cost-Benefit Analysis: Engineers need to evaluate the costs and benefits of


different alternatives in projects, which requires a solid understanding of
economic principles.

 Budgeting: Knowledge of economics assists engineers in creating and


managing budgets for projects effectively to ensure financial sustainability.

 Market Forces: Understanding economics helps engineers anticipate market


trends, demand fluctuations, and pricing dynamics, influencing their
decision-making process.

 Risk Management: Economic theories provide engineers with tools to assess


and manage risks in projects, minimizing potential financial losses.

 Regulatory Compliance: Engineers must comply with various economic


regulations and standards, understanding economics aids in navigating these
complexities.

 Sustainability: Economics plays a vital role in sustainable engineering


practices, as it involves balancing environmental concerns with economic
viability.
 Project Feasibility: Engineers use economic analysis to determine the
feasibility of projects, considering factors like return on investment and
long-term profitability.

 Innovation: Economics encourages engineers to innovate and develop cost-


effective solutions, driving technological advancements in the field.

 Client Relationships: Economic knowledge helps engineers communicate


effectively with clients regarding project costs, timelines, and potential risks,
fostering stronger relationships.

 Global Perspective: Engineers working in a globalized world benefit from


understanding international trade, exchange rates, and economic policies to
adapt their projects accordingly.

 Public Policy Impact: Engineers' decisions impact public policy and


economic development, hence understanding economics is crucial for their
societal influence.

 Project Evaluation: Economics enables engineers to evaluate project


performance, make adjustments based on economic indicators, and optimize
project outcomes.

 Resource Optimization: Engineers can optimize resource utilization by


employing economic principles such as economies of scale, marginal
analysis, and cost minimization.
 Socioeconomic Factors: Engineers must consider socioeconomic factors
when designing and executing projects, and economic knowledge helps in
addressing social needs alongside technical requirements.

4. Explain the fundamental economic problems?


5. Define scarcity and opportunity cost?

Chapter 2 (Demand)
1. Define demand.
2. Draw the hypothetical demand curve from the demand equation.
Why curve upward sloping?
3. What is giffen paradox?
4. Discuss the determinants of demand?

Chapter 3 (Supply)
1. Define supply?
2. Draw the hypothetical supply curve from supply equation. Why its
curve downward sloping?
3. Briefly discuss law of supply.
4. Briefly discuss determinants of supply.
5. Briefly explain the factors that influence supply curve (Price+
determinants)

Chapter 4 (Elasticity)
1. Define elastic and inelastic demand.
2. Math of elasticity - price, income and cost (or cross elasticity).
3. Explain the types of elasticity. (Ex. Ey= 0.97, Ep=-1.59)

Chapter 5 (Consumer demand theory)


1. Define indifference curve and budget constant line.
2. Briefly discuss consumer equilibrium (with graph).
3. Draw the budget line and calculate the slopes of this curve?
4. Briefly discuss producer equilibrium?
5. Characteristic of indifference or isoquant curve?

Chapter 6 (Market)
1. Define market.
2. What are the profits maximization condition of the market?
3. Briefly discuss the different types of market.
Sec- B

Chapter 7 (Product)
1. Explain circular flow model two sector economy?
2. Define short run and long run?
3. Which states is suitable for rational producer?

Chapter 8 (Cost)
1. Define explicit implicit cost with example.
2. Calculate different types of cost.
3. Why LAC (longer average curve) is U shaped?

Chapter 9 (Basic indicator)


1. Define GDP, GNP, PI, DI, NI, NNP. Show the difference between
them.

Chapter 10 (Inflation)
1. Define inflation. Briefly discuss the causes of inflation.
2. Calculate inflation rate by using CPI method.

Chapter 11 (Monetary and fiscal policy)


1. Briefly the application of monetary and fiscal policy of Bangladesh
economy?
2. Which policy is more effective in the past and why?
3. Define trade policy

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