Shahjalal University of Science and Technology, Bangladesh.

DEPARTMENT OF ECONOMICS

ECO 03111 1105 - Principles of Economics (SWE) Join Google Classroom

Fall 2024; Credit Hours: 3 d46rfip
Instructor: Masud Alam, PhD
Email: masudalam-eco@sust.edu
Cell: +88 01770 34 04 74

A. Course description
ECO 1105 is an introductory course designed to provide students in the software and technology fields
with a foundational understanding of economic principles and their real-world applications, particularly in
the context of today’s rapidly evolving technological landscape. This course will introduce key economic
concepts, fundamental theories, and analytical techniques, with a particular focus on how modern
technologies—such as artificial intelligence (AI), machine learning, data science, and automation—are
reshaping economies, industries, and labor markets.

The course is structured around three core components:

1. Microeconomics: We will explore the economic decisions made by individuals, households, and
firms, especially in the context of digital transformations. Students will examine how emerging
technologies influence choices, market dynamics, production, and competition. Special attention
will be given to the tech sector’s role in shaping market structures, pricing, and supply chains.

2. Macroeconomics: This section will examine how broader economic forces such as GDP,
inflation, business cycles, and fiscal and monetary policies impact the economy as a whole. With
the rise of automation, AI, and large language models, we will explore their effects on national
productivity, income distribution, labor force participation, and wage levels. Students will gain
insight into how tech-driven productivity gains contribute to economic growth and influence
inflation, government spending, taxation, and the regulation of tech industries.

3. Development Economics: Students will learn about economic development strategies, policies,
and programs designed to improve the economic well-being and quality of life in developing
nations. The course will also address how technological advancements, such as ICT
infrastructure, data-driven solutions, and AI innovations, can foster or hinder economic
development. We will discuss the interconnectedness of global supply chains, labor migration,
and international trade in shaping development outcomes.

Key contemporary topics, such as the future of tech jobs, the impact of automation on labor markets, and
the challenges of inequality in the digital economy, will be discussed. Additionally, we will look at how

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shifts in technology influence inflation rates, job creation, and fiscal and monetary policy decisions by
governments worldwide.

Throughout the course, students will learn to analyze how the intersection of technology, economics, and
policy can influence business cycles, economic growth, and societal well-being. By the end of the course,
students will be equipped to critically evaluate the implications of technological advancements on both
macroeconomic outcomes and microeconomic decisions, preparing them to navigate the economic
dimensions of the tech-driven world.

B. Class meeting

Lecture: 3 meetings/ week, 50 minutes / meeting

Meeting/Class Time: Sun (2 pm) Wed (2 pm-4pm); Classroom: IICT 229

Office Hours: Tue10:00 - 12:00pm (or by appointment); Social Science Building-320

C. Textbooks:

1. Economics, 13th Edition by Roger A. Arnold. (RA)

2. Economics by Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn (MBF)
3. Principles of Economics (ISE HED IRWIN ECONOMICS) Paperback – International Edition, by
Robert H. Frank, Ben Bernanke , Kate Antonovics , Ori Heffetz (FBAH)
4. Steven A. Greenlaw, and Timothy Taylor, Principles of Economics, (GT) freely available on
https://openstax.org/details/principles-economics

LECTURE OUTLINE

Week Lecture Topic Readings

Week1 Lec1 Overview of economics
Lec2& 3 -microeconomic and macroeconomic objectives, Key Concepts in (RA),
Economics (MBF) &
-Economic principles Lectures
- Fundamental Economic problem materials
- Wants and needs provided
- Scarcity & choice by the
- Good, bad, and services, Economic good, Resources,  instructor
Week2 Lec4 Opportunity Cost, Specialization, Economic system, (RA),
Lec5 & 6 Economic model (MBF) &
Working with math and graph Lectures
The Production Possibilities Frontier (PPF) materials
-Shape of PPF provided
-Economic principles with PPF by the
-Circular flow model instructor
Week3 Lec7 & 8 Markets, Familiarity with marketplaces (GT),
Lec9 Want, needs and Demand (MBF)
Two sides of market (RA)
Demand and supply
Law of demand:Four Ways to Represent the Law of Demand

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 Determinants of demand
Law of supply:Four Ways to Represent the Law of Supply
Determinants of supply Lecture
Week4 Lec10,11, Market equilibrium: (GT),
& 12 put supply and demand together (MBF)
Consumer surplus and producer surplus (RA)
Determining market equilibrium
-Drawing demand, supply and market equilibrium
-Working with data and visualization
- Supply and demand equations,drill and computation.
Price Elasticity of Demand
Cross-price and Income elasticity of demand
Week 5 Lec13, 14 Utility: Total and Marginal, (GT),
&6 Diamond-Water Paradox (FBAH)(R
Law of Diminishing Marginal Utility A)
Maximizing utility and consumer equilibrium
The Budget Constraint
Shifting budget line
Week6 Midsemester test1
Week7 Lec16 What is a Firm (GT),
Lec17 & Why Firms Exist, two sides of firm (MBF), (RA)
18 Profit, production,
Marginal Physical Product (MPP)
Law of Diminishing Marginal Returns (LDMR)
Types of Costs
Short run and long run
Week 8 Lec19 & Market Structure (GT),
20 The theory of perfect competition (MBF), (RA)
The Theory of Monopoly
Barriers to Entry: A Key to Understanding Monopoly

Week8 Lec21 Monopoly Pricing and Output (GT) (RA)

Perfect competition vs monopoly
Case against monopoly
Types of Price Discrimination
Week9 Lec22 & Macroeconomics: key macroeconomic indicators, measurement (FBAH)
23 GDP, inflation, (RA)
Measuring a Nation’s Income, Measuring the Cost of Living.
Week9 Lec24 Inflation, Unemployment (FBAH)
(RA)
Week Midsemester test 2
10
Week10 Lec26 Aggregate Demand and Supply (GT),
(FBAH)
(RA)
Week11 Lec27 Fiscal policy and monetary policy (GT),
(FBAH)
(RA)
Lec28 Money and banking, functions of money, central bank, and (FBAH)
commercial bank, financial system, macroeconomy, and (MBF)

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 industry linkage (RA)
Week12 Lec29, 30 Economic growth and development, concept of poverty (FBAH)
Lec31 (MBF)
(RA)
Week Lec32, Economic growth and development, concept of poverty, (FBAH)
13 33 Climate change, sustainable development (MBF)
(RA)
Week 34 & 35 Review
13
Final Exam
-The above course outline is tentative and therefore subject to change during the process.
- Lecture materials provided by the instructor during class should not be viewed as a substitute for the
textbook. Instead, they should be considered a complement to the textbook chapters.

D. Evaluation/Grades

We will follow University's policy on assessment (grading) for this course that is based on the
following four criteria:

Activities Percentage
Midterm exam 1 & 2 20
Final exam 60
Class attendance 10
Class test/quiz 10

E. Exams

There will be two mid-semester tests and a final exam. The first midterm will be on Wednesday, January
29, 2025, and the second midterm will be on March 2, 2025. The midterm dates are tentative. Depending
on our pace in the course, I may change it in the future. The scores of the two mid-semester exams will be
averaged, and this average will be added to your final grade. Please, there will be no make-up mid-
semester exam unless you have proof of medical emergency or similar issues. The final exam will cover
the entire course, and the date of the final exam will be announced in due course by the department.

F. Quizzes
The quizzes are comprehensive (short questions and mostly quantitative in nature; 20 minutes) in-class
surprise tests.

G. Homework/Problem sets
Homework or assignments will be assigned throughout the course, typically following the completion of a
chapter. The grades obtained from these assignments and quizzes will contribute to your evaluation grade,
which constitutes 10% of your final grade.

H. Class attendance
Class attendance is mandatory and will count 10% of your final grade.

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I. Communication
Our primary modes of communication outside the classroom are email and in-person meetings
during office hours. Additionally, I encourage you to reach out via Google Classroom whenever you have
any questions.

J. Classroom courtesy
Arriving late to class or leaving during a lecture can cause disruptions for your fellow students. While
occasional lateness due to unexpected circumstances is understandable, frequent delay may be perceived
negatively. I trust you will use good judgment and self-discipline when it comes to the use of electronic
devices in the classroom. Please be mindful and considerate of both your classmates and the instructor.

K. Accessibility statement
If you require academic accommodation due to a disability or mental health condition, please notify your
faculty member as soon as possible. Additionally, if you have not already done so, you are encouraged to
reach out to the department head (Institute’s Director) and your student advisor for further support.

L. Student feedback
I believe in the importance of interactive learning and teaching methods to enhance the overall student
experience. As such, I welcome feedback from students through various channels, such as class
participation, email, and in-person discussions during office hours. You are also encouraged to post an
open thread in Google Classroom to initiate discussions related to our lectures and any relevant questions.
Please feel free to share your thoughts on my teaching approach, the pace of the lectures, course
materials, or the overall design of the curriculum. Your input will help me assess how effectively I am
fostering a supportive learning environment and delivering course content, both of which are essential for
promoting engagement and achieving positive learning outcomes.

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