Introduction to Macro and Micro Economics

COURSE DESCRIPTION

The "Introduction to Micro and Macroeconomics" course is designed to provide a foundational understanding of economic principles at both micro and macro levels. This course aims to equip learners with the fundamental concepts and tools necessary to comprehend and analyze individual economic behavior as well as broader economic systems.

The course will commence with an exploration of microeconomics, focusing on the behavior of individuals and firms within markets. Topics will include supply and demand, consumer choice theory, production and costs, market structures (perfect competition, monopoly, oligopoly, and monopolistic competition), and factors influencing market efficiency.

Transitioning to macroeconomics, the course will delve into the study of national and global economies. Students will investigate key macroeconomic indicators such as GDP, inflation, unemployment, and interest rates. Additionally, they will explore fiscal policy, monetary policy, international trade, economic growth, and the role of government in influencing economic outcomes.

Throughout the course, real-world examples, case studies, and contemporary economic issues will be integrated to illustrate the application of economic theories and their relevance in today's global context. Students will engage in discussions, problem-solving exercises, and analytical tasks to enhance their understanding of economic concepts and their practical implications.

By the end of the course, students will have developed a solid foundation in both micro and macroeconomics, enabling them to critically analyze economic phenomena, make informed decisions, and comprehend the interplay between individual choices and broader economic policies. This course serves as an essential stepping stone for further exploration in the field of economics

 

CONTENT

Unit 1: Introduction to Economics:

o Basic concepts and definitions in economics.

o The role of economics in decision-making.

 

Unit 2: Microeconomics:

o Supply and demand: Determinants and equilibrium.

o Consumer behavior: Utility, preferences, and budget constraints.

o Production and costs: Firm behavior and cost analysis.

o Market structures: Perfect competition, monopoly, oligopoly, monopolistic

competition.

o Market failures and externalities.

 

Unit 3: Macroeconomics:

o National income accounting: GDP and its components.

o Unemployment and inflation: Measurement and implications.

o Aggregate demand and aggregate supply.

o Fiscal policy: Government spending and taxation.

o Monetary policy: Central banking, money supply, and interest rates.

o International trade and finance: Balance of payments, exchange rates, and trade

policies.

 

Unit 4: Economic Indicators and Analysis:

o Understanding economic indicators: GDP growth, inflation rates, unemployment

rates.

o Interpreting economic data and graphs.

o Economic models and their applications.

Unit 5: Economic Policy and Its Implications:

o Role of government in the economy.

o Policy implications of different economic theories.

o Economic challenges and policy responses.

Unit 6: Global Economics:

o Globalization and its impact on economies.

o International economic organizations and agreements.

o Comparative advantage and trade theories.

 

Unit 7: Contemporary Economic Issues:

Economic inequality and poverty.

Environmental economics and sustainability.

Technology and innovation in economics.

Unit 8: Applications and Case Studies:

o Real-world applications of economic principles.

o Case studies analyzing economic phenomena

 

LEARNING ASSESMENT

ASSIGNMENTS PERCENTAGE VALUE

Two Case studies analyzing economic scenarios: 20 %

Two Presentations on economic topics: 20 %

Two Round tables: 20 %

One Virtual Forums: 10 %

One Research project: 30 %

Total 100