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Principles of General Economics - 241118 - 095107

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22 views7 pages

Principles of General Economics - 241118 - 095107

Uploaded by

nthakomolikoe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Course Title: Introduction to General Economics

Course Overview:
This course introduces the fundamental principles of economics,
covering both microeconomics and macroeconomics. It aims to
develop a foundational understanding of how individuals, firms, and
governments make economic decisions, and how these decisions
impact the economy as a whole.
Learning Objectives:
By the end of this course, students should be able to:
1. Understand the basic concepts and principles of economics.
2. Analyze the behavior of consumers and firms in different market
structures.
3. Comprehend macroeconomic concepts such as GDP, inflation, and
unemployment.
4. Understand the role of government in the economy.
5. Apply economic reasoning to real-world issues and policies.
Course Outline:
Module 1: Introduction to Economics
Week 1: What is Economics?
- Definition and scope of economics
- Key questions in economics: What to produce? How to produce?
For whom to produce?
- The concept of scarcity and the need for choice
The Economic Problem
- Opportunity cost
- Production possibility frontier (PPF)
- Trade-offs and decision-making
Module 2: Microeconomics Basics
Week 2: Demand and Supply
- The law of demand and the law of supply
- Determinants of demand and supply
- Market equilibrium and price determination
Elasticity
- Price elasticity of demand and supply
- Income elasticity and cross-price elasticity
- Applications of elasticity in business and policy
Consumer Behavior
- Utility and consumer choice
- Budget constraints and indifference curves
- Marginal utility and consumer surplus
Module 3: Production and Costs
Week 3: Production Theory
- Factors of production
- Production function and marginal product
- Diminishing returns to scale
Costs of Production
- Fixed and variable costs
- Total cost, average cost, and marginal cost
- Short-run vs long-run cost structures
Module 4: Market Structures
Week 4: Perfect Competition
- Characteristics of perfect competition
- Price-taking behavior and efficiency
- Short-run and long-run equilibrium
Monopoly and Oligopoly
- Market power and monopoly pricing
- Price discrimination
- Game theory and strategic behavior in oligopolies
Market Failures and Government Intervention
- Externalities and public goods
- Government regulation and antitrust policy
- Environmental economics and market failure solutions
Module 5: Macroeconomics Basics
Week 5: National Income and Output
- Gross Domestic Product (GDP): measurement and components
- Circular flow of income
- The expenditure approach and income approach to GDP
Unemployment and Inflation
- Types of unemployment: frictional, structural, and cyclical
- Measuring inflation: Consumer Price Index (CPI) and Producer
Price Index (PPI)
- The Phillips Curve and the trade-off between inflation and
unemployment

Stop
Module 6: Fiscal and Monetary Policy
Week 6: Fiscal Policy
- Government spending and taxation
- Budget deficits and national debt
- The multiplier effect and fiscal stimulus
Monetary Policy
- Central banking and the role of the Federal Reserve (or relevant
central bank)
- Tools of monetary policy: open market operations, interest rates,
and reserve requirements
- Inflation targeting and interest rates
Module 7: International Economics
Week 7: International Trade
- Absolute vs comparative advantage
- Trade barriers: tariffs, quotas, and subsidies
- The benefits and costs of trade
Exchange Rates and Global Finance
- The foreign exchange markets
- Exchange rate determination
- The impact of exchange rates on trade and investment

Module 8: Economic Growth and Development


Week 8: Economic Growth
- Factors driving long-term economic growth
- Solow growth model and technological progress
- Growth and development indicators
Development Economics
- Differences between economic growth and development
- Poverty, inequality, and strategies for development
- Globalization and its impact on development

Module 9: Review and Case Studies


Week 9: Economic Policy in Practice
- Application of economic principles to real-world scenarios
- Case studies in various industries, markets, and economies
Week 10: Final Exam and Course Wrap-up
- Comprehensive review of key concepts
- Final exam
Assessment and Grading:
- Midterm Exam: 30%
- Final Exam: 40%
- Assignments/Case Studies/presentations: 20%
- Class Participation/Discussions: 10%

Recommended Reading:
- Principles of Economics by N. Gregory Mankiw (or other widely
used textbooks)
- Microeconomics by Robert Pindyck and Daniel Rubinfeld

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