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    Economics

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    Economics note

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    Economics

    Uploaded by

    mohammed
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    Economics note

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    © © All Rights Reserved

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    Economics note

    Copyright:

    © All Rights Reserved
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    Download as docx, pdf, or txt
    6 views6 pages

    Economics

    Uploaded by

    mohammed
    Economics note

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Addis Ababa University

    College: Business and Economics

    Department: Economics
    Program: Undergraduate
    Course Title: Economics
    Year: One Semester: One
    Instructor:
     Name: _______________________________
     Contact information ___________________
     Office hours: _________________________

    No Section Contents Remarks

    1. Module to which
    the course belongs:

    1.1. Module Title Common Course

    1.2. Type of Process


    Module

    2. Competencies Gives the students necessary foundational knowledge and analytical skills necessary to
    understand and apply basic economic principles in real world contexts.

    3. Course Type Lecture, face-to-face

    4. Course Identifiers

    4.1. Course Code Econ 1011


    5. 4.2. Credit Point in 3/5
    ECTS

    6. Prerequisite None

    7. Course Description This course is designed to introduce freshman students to the fundamental concepts of
    micro and macroeconomics including the theory of demand and supply, consumer
    behavior, production and cost theory, market structures, and the basics of
    macroeconomics.

    8. Learning Upon successful completion of this course, the students will be able to
    Outcomes ⁍Understand the definition of economics and its rationales, identify the scope of economics and
    differentiate between positive and normative analysis, apply inductive and deductive reasoning
    to economic concepts, analyze the implications of scarcity, choice, opportunity cost, and the
    production possibilities frontier; address basic economic questions and differentiate between
    various economic systems, including capitalist, command, and mixed economies, describe
    decision-making units and their roles in the circular flow model
    ⁍Explain the theory of demand and supply and construct demand and supply schedules, curves, and
    functions; identify the determinants of demand and supply, and apply the concept of elasticity, and
    analyze market equilibrium and its significance.
    ⁍Understand consumer preferences and their impact on decision-making and comprehend the concept
    of utility and approaches to measuring it (cardinal and ordinal utility theories).
    ⁍Define production and understand the production function in the short run, analyze total,
    average, and marginal products, and explain the law of variable proportions and stages of
    production; understand short-run costs, including definitions, types, and the relationships
    between production and cost curves.
    ⁍Describe the concept of markets, explore the characteristics and assumptions of the different
    market types
    ⁍Identify the main goals to macroeconomics, understand the national income accounting and
    different approaches to measuring GDP/GNP, distinguish between nominal and real GDP and
    understand the GDP deflator and Consumer Price Index (CPI), analyze the business cycle and its
    phases, identify major macroeconomic problems, and explain macroeconomic policy
    instruments, including monetary and fiscal policy.

    9. Course Contents Chapter One: Basics of Economics

    1.1 Definition of economics


    1.2 The rationales of economics
    1.3 Scope and method of analysis in economics
    1.3.1 Scope of economics
    1.3.2 Positive and normative analysis
    1.3.3 Inductive and deductive reasoning in economics
    1.4 Scarcity, choice, opportunity cost and production possibilities frontier
    1.5 Basic economic questions
    1.6 Economic systems
    1.6.1 Capitalist economy
    1.6.2 Command economy
    1.6.3 Mixed economy
    1.7 Decision making units and the circular flow model
    Chapter summary
    Review questions

    Chapter Two: Theory of Demand and Supply

    2.1 Theory of demand


    2.1.1 Demand schedule (table), demand curve and demand function
    2.1.2 Determinants of demand
    2.1.3 Elasticity of demand
    2.2 Theory of supply
    2.2.1 Supply schedule, supply curve and supply function
    2.2.2 Determinants of supply
    2.2.3 Elasticity of supply
    2.3 Market equilibrium
    Chapter summary
    Review questions
    Chapter Three: Theory of Consumer Behaviour
    3.1 Consumer preferences
    3.2 The concept of utility
    3.3 Approaches of measuring utility
    3.3.1 The cardinal utility theory
    3.3.2 The ordinal utility theory
    Chapter summary
    Review questions
    Chapter Four: The Theory of Production and Cost
    4.1 Theory of production in the short run
    4.1.1 Definition of production
    4.1.2 Production function
    4.1.3 Total, average, and marginal product
    4.1.4 The law of variable proportions
    4.1.5 Stages of production
    4.2 Theory of costs in the short run
    4.2.1 Definition and types of costs
    4.2.2 Total, average and marginal costs in the short run
    4.2.3 The relationship between short run production and cost curves
    Chapter summary
    Review questions

    Chapter Five: Market Structure

    5.1. The concept of market in physical and digital space


    5.2. Perfectly competitive market
    5.2.1 Assumptions of perfectly competitive market
    5.2.2 Short run equilibrium of the firm
    5.2.3 Short run equilibrium of the industry
    5.3. Monopoly market
    5.3.1. Definition and characteristics
    5.3.2. Sources of monopoly
    5.4. Monopolistically competitive market
    5.5. Oligopoly market
    Chapter summary
    Review questions
    Chapter Six: Fundamental Concepts of Macroeconomics
    6.1. Goals of macroeconomics
    6.2. The National Income Accounting
    6.2.1. Approaches to measure national income (GDP/GNP)
    6.2.2. Other income accounts
    6.3. Nominal versus Real GDP
    6.4. The GDP Deflator and the Consumer Price Index (CPI)
    6.5. The Business Cycle
    6.6. Macroeconomic Problems
    6.6.1. Unemployment
    6.6.2. Inflation
    6.6.3. Trade deficit and budget deficit
    6.7 Macroeconomic policy instruments
    6.7.1. Monetary policy
    6.7.2. Fiscal policy
    Chapter summary
    Review questions

    10. Teaching and The course delivery method shall be student-centered. Students are highly expected to participate
    learning in class works at the middle and end of each session and in group discussions inside and outside
    of the class. Specifically, the course will be delivered through the following methods:
    techniques  Lecture Method
     In-class problem solving
     Group Work
    Assignments

    11. Assessments Assignment (Individual /group) --------------------------------------------------------------25%


    Quizzes/Tests (Max of 15% each)------------------------------------------------------------25%
    Final Exam --------------------------------------------------------------------------------------50%
    Total ---------------------------------------------------------------------------------------------
    100%

    12. Course Policy •Late coming is not allowed and no student is allowed to enter after class has started.
    •Duplication of assignments is strictly forbidden; it entails serious penalty.
    •Assignments are required to be submitted before or on the deadline.
    •Cheating during exam sessions results in a minimum of “F “grade while cheating in
    quizzes and tests is subjected to a zero mark. All cheating cases will be reported to the
    department for further considerations.
    •Students should switch off their cell phones while they are in class and must keep their
    cell phones switched off during all kinds of exam sessions.
    •students must attend 80% of the class for the course. Failure to attend 80% of the class
    will not allow the student to sit for the final exam.
    •Missing a quiz without convincing evidence will earn the students a grade of zero
    marks in that specific quiz.

    13. Learning Textbooks


    Resources *Mankiw, G. (2000) Macroeconomics, 5th ed., Worth Publishing
    *Dornbusch, R. and S. Fischer (1994) Macroeconomics, 2nd ed, New York: McGraw-Hill
    International Edition.

    Readings:

    Pentecost, E. (2000), Macroeconomics: An Open Economy Approach, Macmillan Press Ltd.


    Branson, W. (1989) Macroeconomic Theory and Practice, 3re ed., New York Harper & Row
    Publishers.
    nd e d .
    *Jones, C. (2003) Introduction to Economic Growth, 2 , New York and London:
    W.W. Norton & Company.
    nd
    *Pilbeam K. (1990) International Finance, 2 ed., Macmillan Press Ltd.

    14. Assessment rubrics


    (optional)1

    1
    Including rubrics is highly encouraged, but it might not be mandatory for every single assignment.

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