ECON1010: Principles of Economics

Abstract

This course introduces basic concepts of micro- and macro-economics. Through this course, students learn micro- and macro-economic concepts that will make them capable of analyzing past, current, and future economic problems. Another purpose of this course is an invitation to more sophisticated economic analyses. While this course adheres to the level of a principles course, students will learn underlying ideas behind the elementary analyses provided in the textbook. This course consists of two parts. In the first half, we study principles of microeconomics. Students learn the standard framework of the supply-demand diagram and how to apply this framework to understand or evaluate real-economy events. Students also learn how consumers and producers make economic decisions and how these decisions are related to shape supply and demand curves. The latter half of this course covers principles of macroeconomics. We start with measurement of important macroeconomic variables, such as the gross domestic product (GDP), consumer price index (CPI), and unemployment rate. Students then learn how monetary and fiscal policies affect macroeconomic variables.