Course Overview

The course introduces students to the fundamentals of economics. Introduction to Economics provides foundational skills to understand concepts, theories, and applications in the field of economics. As an entry level course for undergraduate students in the social sciences, the course provides conceptual framework on how economists think about the workings of the market system. The course introduces the concepts of demand and supply, how these forces operate and interact in the market system, explains the competitive process of how the market equilibrium is established, and how market prices are determined to allocate relatively scarce resources. Students also examine the theory of the consumer, the theory of the business firm, the theory of utility function and utility maximization, the theory of the cost minimization and profit maximization, and social welfare issues. Moreover, students will learn about the central concepts and policy issues of macroeconomics such as aggregate output, economic growth, unemployment, inflation, interest rate, exchange rate. By the end of the course, students will be able to appreciate how the economy operates, recognize the decision-making and choice behavior of consumers and business firms, and understand how the market system operates at both microeconomic and macroeconomic levels.

Learning Achievement

The course is designed to equip students with the basic skills to systematically observe, critically examine, and thoroughly familiarize themselves with the interrelated and complex economic environment they live in and the principles that govern the economic world. In an increasingly globalizing economic system, students will also have exposure to critical economic issues and policies that influence collective behavior and decision making of the global society.

？ the ten principles of economics.
？ the theory of supply and demand.
？ the elasticities of supply and demand.
？ market efficiency.
？ public goods and common resources
？ the cost of production
？ the decision of competitive firms
？ the behavior of firms with market power
？ GDP, consumer price index, and inflation rate.

Competence

General-propose competence: Critical and creative thinking skills, Data and information literacy
Special competence: Understanding international economic relations, Data analysis & application for social science research, Interactive applied competence

Course prerequisites

The course is entry level economics for undergraduate students. There is no prerequisite but motivation, willingness to learn, open mindedness, appetite for critical thinking, interest to develop logical argument, and habit of robust reading help students progress in the course.

Grading Philosophy

Evaluation of performance in the course is based on comprehensive effort and result: Class participation and assignments: 20 percent
Mid-term examination: 30 percent
Final Exam: 50 percent.

Course schedule

Introduction to Economics is an entry level subject for students to understand the workings of the market based exchange economy. It provides foundation for students to pursue further their study in broad areas of decision making behavior in social sciences. Extensive reading and participation in weekly class deliberations is highly encouraged for students to gain the most out of the course.
Week 1: Introduction and Overview
Week 2-3: How Market Economies Work?
Week 4: Market Equilibrium
Week 5: Theory of the Consumer and Utility Function
Week 6: Theory of the Firm, Production and Cost Functions
Week 7-8: The Fundamentals of Macroeconomics
Week 9: Money and Aggregate Prices
Week 10: Open Economies Macroeconomics

Course type

Lectures

Online Course Requirement

Instructor

Moges Abu Girma

Other information

Active class participation is both encouraged and expected for the maximum benefit from this course. Regular and planned reading of the assigned reading materials is necessary.

Site for Inquiry

Link to the syllabus provided by the university