INTRODUCTION TO ECONOMICS (4 Credits)

Learning Outcomes:

On successful completion of this course, student will be able to:

Explain basic concept of economic theory;
Calculate consumer behavior, producer behavior, and market equilibrium (Microeconomics) and inflation, unemployment, and economic growth (Macroeconomics);
Analyze market structures in microeconomics markets, goods market and financial markets in macroeconomics markets, and economic system and economic crisis.

The Scope and Method of Economics and The Economic Problem: Scarcity and Choice;
Demand, Supply, and Market Equilibrium, Demand and Supply Applications and Elasticity;
Household Behavior and Consumer Choice;
The Production Process: The Behavior of Profit-Maximizing Firms;
Short-Run Costs and Output Decisions;
Long-Run Costs and Output Decisions;
Input Demand: The Labor and Land Markets;
Input Demand: The Capital Market and the Investment Decision;
General Equilibrium and the Efficiency of Perfect Competition;
Monopoly and Antitrust Policy;
Oligopoly;
Monopolistic Competition;
Externalities, Public Goods, Social Choice Uncertainty and Asymmetric Information;
Income Distribution, Poverty and Public Finance: The Economics of Taxation;
Introduction to Macroeconomics, Measuring National Output and National Income;
Unemployment, Inflation, and Long-Run Growth;
Aggregate Expenditure and Equilibrium Output;
The Government and Fiscal Policy;
The Money Supply and the Federal Reserve System;
Money Demand and the Equilibrium Interest Rate;
Financial Crises, Stabilization, and Deficits;
Household and Firm Behavior in the Macroeconomy;
Long-Run Growth;
Alternative Views in Macroeconomics;
Aggregate Demand in the Goods and Money Markets;
Aggregate Supply and the Equilibrium Price Level;
The Labor Market In the Macro economy;
International Trade, Comparative Advantage, and Protectionism;
Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates ;
Economic Growth in Developing and Transitional Economies.