Course Description:

This is an introductory course in economics. The objective of this course is to give you, the student, a firm
grasp of those basic principles and concepts, which provide important groundwork in the study of
economics. The course will give you an overview of how the private enterprise economy works. You will
explore what lies behind the economic decisions taken by the consumers, firms, and the government. You
will also develop problem solving skills. You will learn essential skills in critical thinking, organizing
information, interpreting economic data and graphs.
Course Competencies
It is expected that the students will have the following competencies by the end of rinciples of
!icroeconomics.
"earn how economists apply the methods of science.
#pply the trade theory of comparative advantage to everyday life and national policy.
$nderstand the key role of prices in allocating scarce resources in market economies.
"earning to apply the concepts of elasticity, price controls and tax incidence and understanding the
effects of government policies
$nderstanding the link between a firm%s production processes and its costs.
&ifferentiate among various market structures, such as, erfect 'ompetition, !onopoly, (ligopoly
and !onopolistic 'ompetition.
)eview the various public policies and antitrust laws aimed at solving the problem of imperfect
competition.
"earn how *actors of roduction are compensated
Skills Learned
You will develop problem+solving skills.
You will learn essential skills in critical thinking.
You will learn to organize information.
You will be able to interpret economic data and graphs
Textbooks:
)e,uired- rinciples of !icroeconomics .
th
/dition. 0y 1. 2regory !ankiw
#"I#. (nline assignment website