ECO1010: Principles of Economics

Abstract

Course objectives The purpose of this course is to initiate students to the basic principles of economics and to provide them with an understanding of several economic phenomena in a modern society. The course is split between the study of microeconomics (the behavior of individuals and firms) and macroeconomics (the behavior of the aggregate economy as a whole). On the microeconomic side, it studies price formation in competitive markets, firms’ decisions about production and the impact of different market forms on profits and social welfare. On the macroeconomic side, it considers economic variables such as GDP, inflation, unemployment, and interest rates, to explain both the current state of the aggregate economy as well as movements and fluctuations in the economy.