Principles of Economics

This course covers fundamental tools and applications of concepts in microeconomics and macroeconomics. The section on microeconomics focuses on markets as a mechanism for allocating scarce resources. Using diagrams and simple mathematics, it analyses demand, supply, market system and the concepts of elasticity. It also addresses market efficiency, outcomes from market failures, production and firms with market influence. The section on macroeconomics addresses the determinants of GDP and the forces that shape the Economy in both the short run and the long run. Topics include the calculation of GDP, analysis of inflation and employment, theory of economic growth, the role of financial markets, fiscal and monetary policies and the international economy