Economics is the study of how society allocates its scarce resources to satisfy unlimited wants. It provides understanding about how the economy works and how individuals in the economy make choice to maximize their benefits. This course requires no prior exposure to economics and covers very basic concepts and theories of microeconomics and macroeconomics- the two branches of economics. Real-life examples will be discussed to give students a more practical approach.
This course is a basic course for undergraduate students with no background in economics. The main aim is to introduce students to the foundations of economic thinking while developing theoretical and applied skills that make economics useful for understanding simple economic behaviour. The topics studied in this course provide a foundation not only for specialised fields of economics, but also for business disciplines, such as finance, management, and marketing.
By the end of this course, students could:
understand fundamental concepts and theories of both microeconomics and macroeconomics by solving practice questions.
use these theories and concepts to explain some simple economic behavior and issues happening in real life.
develop their critical thinking skills and problem solving skills.
Final exam: 70%
A pass is obtained by completing at least 50% of the final exam and final grade and attending at least 70% of the lectures and tutorials.
N.G. Mankiw, Principles of Economics, 5th edition, 2008