PRINCIPLES OF MICROECONOMICS

Course Objectives:
This course aims to provide students with an understanding of the basic economic theories, concepts and techniques; and to enable students to examine and analyze the decision making behavior of individual households, firms and markets from the economic viewpoint. The objective is to develop students' ability to apply basic economic concepts and principles to real life problem situations.

Course Description :
Micro economics is an introduction to the operation of the market system and the role of markets in allocating scarce economic resources; the role of government in the economy and the impact of government policy on business and the economy at the microeconomic level. Major topics to be covered include elasticity, revenue, cost, price-output determination, the factors of production and the determination of factor incomes.

Course Outline:
•  Introduction to Economics
•  Supply and Demand
•  Consumer Choice & Elasticity
•  Perfect Competition & Monopoly
•  Markets and Economic Welfare
•  Fiscal Policy
•  International Trade
•  Firm Behavior and the Organization of Industry
•  Resource Markets and the Distribution of Income
•  Interest, rent and profit
•  Money and Banking

Learning Outcomes:
On successful completion of this course students will be able to:

1. Understand the basic economic problems of scarcity and choice.
2. Understand the key features of the market system as an economic model, the variables that affect demand and supply, and the resulting operation of the market mechanism.
3. Use the various concepts of elasticity in problem solving.
4. Understand and apply the concepts of revenue, cost and profit to price-output decisions.
5. Understand the theory of the firm as a model for the behavior of firms in their different market contexts.
6. Understand the theory of distribution, including the pricing of factors of production and the determination of factor incomes.
7. Understand the case for free-market economies and the case for government intervention.

Teaching Methods:
Electronic presentation, Use of Spreadsheet templates, and CD-ROM for action learning
Use of the Internet for up-to-date global info; Usage of Statistical CD-ROM data

Use of Modern Instructional Technology:
Use of LCD Projector, PC, CD ROM, modern Spreadsheet and Electronic presentation packages

Skills to be developed:
This course helps students in developing the following skills:
(use NA if not applicable)

1. Communication (Oral & written) Through Assignments, Case Study discussions and
Examinations
2. Analytical Through Case studies and examinations
3. Team Work Through Case studies
4. Creative Thinking Through Case studies, assignments, classroom
discussions
5. Adaptability to Change Through Case studies, and examinations
6. Ethics Through lectures and assignments
7. Use of Information Technology Through use of PCs, Internet, CD-ROM, Statistical
data base in the library
8. International issues Through Case studies, assignments, classroom
discussions, and examinations

Evaluating Student Performance:
Class participation and attendance 10%
Individual assignments 20%
Mid-term examination 20%
Final Exam 50% 

Grading:
Percentage Score Letter Grade GPA Points Percentage Score Letter Grade GPA Points
90 – 100 A 4.0 70 - 74 C 2.0
85 - 89 B+ 3.5 65 - 69 D+ 1.5
80 - 84 B 3.0 60 - 64 D 1.0
75 - 79 C+ 2,5 < 60 F 0.0

Educational Resources: 

Course Schedule & Outline:
Sixteen Week Semester, 3 hrs/Wk