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Principles of Economics - Handout

This course provides an introduction to economics and its principles. It will examine key economic concepts like supply and demand, consumer and producer behavior, how markets work, and macroeconomic issues. The objectives are to help students understand economics and apply it to real-world events and policy decisions. The course is divided into 12 units covering major topics including market structures, national income, inflation, the financial system, unemployment, international trade, and more. Recommended textbooks are listed to provide further learning resources.

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Satyam Kumar
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388 views2 pages

Principles of Economics - Handout

This course provides an introduction to economics and its principles. It will examine key economic concepts like supply and demand, consumer and producer behavior, how markets work, and macroeconomic issues. The objectives are to help students understand economics and apply it to real-world events and policy decisions. The course is divided into 12 units covering major topics including market structures, national income, inflation, the financial system, unemployment, international trade, and more. Recommended textbooks are listed to provide further learning resources.

Uploaded by

Satyam Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Syllabus

Course Description:
This course will provide an introduction to the subject matter of economics which is highly
relevant to understanding the functioning of the economy and the world around us. The course
will consider basic economic principles that govern consumer and producers behaviour. It will
examine how markets work and how supply and demand interact to determine prices,
characteristic and types of market, market failure and role of government in the economy, macro-
economic issues, national income measurement, inflation and unemployment, money banking
and international trade and macro policies.

Objectives:
This course is open to anyone, without a background in Economics, who is curious about
Economics and why economics has such a big impact on our lives. The aim of this course will be
to provide students with the tools they need to think like an economist or a policy maker. This
course aims to draw attention on the role of economics that plays an important role in shaping
the lives of everyone and everywhere. This course will provide students with an understanding as
to how governments decide whether to invest money in the existing rail infrastructure or build
college infrastructure, why banking is so important and why countries are inclined to host big
sporting events, such as the Commonwealth Games. On the macroeconomic side, the course will
aim to explain the financial crises by giving students the economic theory that explains what
actually happened and why it happened. By drawing on real-world cases, such as the collapse of
the Lehman Brothers and Northern Rock, the course will apply economic theory and offer an
insight into why the world works as it does and the changes are likely to observe over the coming
decades. It will also address broad topics, such as the emergence of China, India and Brazil and
explain how this has affected Western economies, firms and individuals. By drawing on real-
world applications, students will learn to use the tools of economic analysis to offer an insight
into every day events, answer simple and highly complex questions on a range of topics and
explain the seemingly inexplicable behaviour of individuals, firms and governments. This course
is a foundation course in economics which will help them to learn other courses related to
economics like financial management, managerial economics, consumer behavior, organizational
behavior etc.
Principles of Economics

Unit 1. Ten Principles of Economics


Unit 2. Market Mechanism: Demand, Supply, Elasticity, Consumer and Producer Surplus,
Interaction of Demand and Supply, Market Equilibrium.
Unit 3. Theory of Consumer Choice: Budget Constraint, Consumer Optimization, Political
Economy, Bahavioral Economics.
Unit 4. Theory of Firms Behavior: Production, Costs of production
Unit 5. Market Structure: Perfect Competition, Monopoly, Monopolistic Competition and
Oligopoly, Equilibrium Price and Quantity in Different Market Structure.
Unit 6. Labour Market Theory: Demand for Labour, Supply for Labour, Equilibrium in Labour
Market, Income Inequality and Poverty.
Unit 7. Measuring National Income: Income and Expenditure of an Economy, Measuring GDP,
Components of GDP, Real vs nominal GDP, GDP as a measure of well- being. Savings and
Investment.
Unit 8. Measuring Cost of Living: Consumer Price Index, Inflation and its effect.
Unit 9. Financial System: Time Value of Money, Risk Management, Asset Valuation.
Unit 10. Unemployment and Monetary System: Measuring Unemployment, Minimum Wage
Law, Union and Collective Bargaining,
Unit 11. Economies of Public Sector: Externalities, Market Inefficiencies, Public Goods,
Common Resources
Unit 12. International Trade: Production Possibilities, Absolute Advantage theory, Comparative
Advantage Theory, Gains from Trade.

Recommended Text Books:


1. N.G, Mankiw. 2007. Economics: Principles and Applications. South Western of Cengage
Learing.
2. R.G. Lipsey. An Introduction to Positive Economics. English Language Book Society.
(sixth edition or later edition).
2. Lipsey and Chrystal. 2007. Economics. Oxford University Press.
4. A, Stockman. 1999. Introduction to Economics. Dryden Press. (2nd or later edition).
6. J E Stiglitz and C E Walsh. Principles of Economics, W.W. Norton & Company, New
York (3rd or later Edition).

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