Overview of basic macroeconomic and micro-economic principles to help students understand how individuals, firms, and government make economic choices. The course discusses the concepts of equilibrium, national income accounting, inflation, unemployment, business cycle, monetary and fiscal policies, the industrial organization, international trade and international finance.
- Explain the interaction of supply and demand in individual markets and how equilibrium price and quantity are determined.
- Explain the role of the private and the public sectors in our economy and the increasing importance of globalization.
- Explain the basic concepts of national income accounting.
- Describe and differentiate the classical, Keynesian and supply-side policy approaches toward achieving sustained economic growth.
- Discuss how price and output are determined in various types of market including the perfect competition, monopoly and oligopoly.
- Recognize how resource prices are determined with particular reference to the labor market.
- Discuss the basis for international trade, free trade and protection.
- Identify the fundamentals of exchange rate determination.
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