Basic Economics

Course Description

Economics as a discipline is prevalent and practical. Its application in our daily life is immense. Even those who do not have an institutional degree in the discipline need to know the fundamentals of economics. That is why everyone should know the basic concepts of economics. It is an introductory course that helps students create a basic understanding of various principles of economics and their applications in decision-making. This course introduces students to the primary and more familiar topics of the two major branches of economics: microeconomics and macroeconomics. Topics in the microeconomics part include contrasting macroeconomics and microeconomics, scarcity, fundamental economic problems, different economic societies, opportunity costs, the law of demand and supply, market equilibrium, total and marginal utility, laws of production, cost of production, accounting versus economic profits, pricing under different market structure, efficiency, externalities, public goods, free riding problem, and market failure & resolution. Topics in the macroeconomics part include various approaches of national income accounting, gross domestic product, economic growth, business cycles, unemployment, inflation, aggregate supply, aggregate demand, money & exchange rates, taxation, budget, and international trade & globalization.