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Outline For Basic Economics

This document outlines a course on Basic Economics taught at Ghana Technology University College. The course aims to provide students with a foundation in economic theory and equip them to apply economics in their field of study. Key learning outcomes include gaining knowledge of economic concepts like demand, supply, and market structures. Students will also develop skills in explaining economic models and analyzing economic phenomena. The course content covers microeconomics topics such as scarcity, demand and supply, elasticity, and production costs. Macroeconomic topics include economic growth, money and inflation, unemployment, inequality and poverty, and international trade. Student performance will be evaluated through classwork, midterm and final exams.

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Jayne Aruna-Noah
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119 views4 pages

Outline For Basic Economics

This document outlines a course on Basic Economics taught at Ghana Technology University College. The course aims to provide students with a foundation in economic theory and equip them to apply economics in their field of study. Key learning outcomes include gaining knowledge of economic concepts like demand, supply, and market structures. Students will also develop skills in explaining economic models and analyzing economic phenomena. The course content covers microeconomics topics such as scarcity, demand and supply, elasticity, and production costs. Macroeconomic topics include economic growth, money and inflation, unemployment, inequality and poverty, and international trade. Student performance will be evaluated through classwork, midterm and final exams.

Uploaded by

Jayne Aruna-Noah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

GHANA TECHNOLOGY UNIVERSITY COLLEGE (GTUC)

FACULTY OF COMPUTING AND INFORMATION SYSTEMS

SECOND SEMESTER, 2018/2019 ACADEMIC YEAR

COURSE OUTLINE

Course Title: Basic Economics

Course Code: IT- 274

Lecturer: Lilian Arthur

Venue: C4

1.0 COURSE OBJECTIVE

This course seeks to provide a thorough introduction and understanding of economics in general
and economic theory. It is to give students afoundation in economics, which will help them to
discuss economic issues. The course also seeks to equip students to apply economics in their
field of study.

2.0LEARNING OUTCOMES
The learning outcomes of the course are outlined along three strands: knowledge, skills and
competence.

2.1 KNOWLEDGE
Students will acquire a knowledge in

1. Introduction and definitions of economics.


2. The market and the forces of demand and supply
3. The consumer behaviour and utility maximisation.
4. Some theories in economics (Consumer theory, Theory of Production and Cost)
5. Economic growth and development, Inequality and Poverty, Money Growth and
Inflation, Unemployment and International Trade

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2.2 SKILL
Students must be able to

1. Identify and understand economic phenomena.


2. Explain economic theories and models in practice.
3. Use discussion fora and wikis/social media to organise group work activities to analyze
any economic phenomenon.

2.3 COMPETENCE
Students should in the future be able to

1. Discuss and analyse any economic phenomenon.


2. Understand and work with different software in the field of Economics
3. Confidently engage in a dialogue on economic themes.

COURSE CONTENT

MICRO ECONOMICS

1. Introduction

a.Problem of scarcity and choice: scarcity, choice and opportunity cost; production possibility
frontier; and economic systems

b.Demand and supply: law of demand, determinants of demand, shifts of demand versus
movements along a demand curve, market demand, law of supply, determinants of supply, shifts
of supply versus movements along a supply curve, market supply, and market equilibrium.

c.Elasticity: price elasticity of demand, calculating elasticity, determinants of price elasticity,


other elasticities.

2. Consumer Theory

Budget constraint, concept of utility, diminishing marginal utility, Income and substitution
effects;

Consumer choice: measurement of utility and indifference curves.

3. Production and Costs

Production: behaviour of profit maximising firms, production process, production functions, law
of variable proportions,

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b.Costs: costs in the short run, costs in the long run, economies and diseconomies of scale, long
run adjustments.

4. Market Structure
Assumptions: theory of a firm under various market structures; Perfect competitive and
monopoly market structures.

MACRO ECONOMICS

5. Economic Growth and Development

Economic growth, Economic development, Characteristics of Least Developed Countries

6. Money Growth and Inflation

Income redistribution: Utilitarian, Liberalism, Libertarianism, poverty rate, policies to reduce


poverty.

7. Unemployment and Its Natural Rate

Types of unemployment, reasons for employment, Unions and collective bargaining

8. Income Inequality and Poverty

Price levels and the value of money, money supply, money demand, Cost of Inflation.

9. International Trade

Determinants of Trade, Comparative cost advantage, gains from trade.

REFERENCES

Mankiw, N. G and Taylor, M. P. (2017). Economics. 4th Edition. Cengage Learning. U.K.

Mankiw, N. G. (2012). Principles of Economics. 6th Edition. South-Western Cengage Learning.


USA.

Hall,R. E. and Lieberman, M. (2013). Economics: Principles and Applications. 6th Edition.
South-Western Cengage Learning, USA.

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Assessments Marks
Class Work and Assignments 15 %
Mid Semester Examination 15 %
End of Semester Examination 70 %
Total Score 100 %

OFFICE HOURS : Tuesdays 11.00 am – 1.00pm. All other meetings are STRICTLY
by appointment.

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