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ECO121Social Sciences3 Unitsintermediate

Principles of Economics I

This course introduces the fundamental principles of economics, focusing on microeconomic concepts. It explores the subject matter of economics, basic economic problems, and the methodology of economic science. Topics include resource allocation, market mechanisms, demand and supply, price determination, elasticity, consumer behavior, production theory, and market structures such as perfect competition, monopoly, monopolistic competition, and oligopoly. The course aims to provide a rudimentary understanding of economic decision-making.

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32h

Study Time

13

Weeks

2h

Per Week

basic

Math Level

Course Keywords

EconomicsMicroeconomicsDemandSupplyMarket Structure

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

➕

Math Level

Basic Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Economics

2

Microeconomics

3

Demand and Supply

4

Market Equilibrium

5

Consumer Behavior

6

Production Theory

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Economist

Apply your skills in this growing field

Market Analyst

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Business Consultant

Apply your skills in this growing field

Policy Analyst

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

FinanceConsultingGovernmentResearchBanking

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Basic Concepts in Economics

12h

Unit 1: What is economics?

6 study hours

•Define economics
•Explain scarcity and opportunity cost
•Understand fundamental economic questions

Unit 2: The Economics System

6 study hours

•Understand different methods of solving economic problems
•Differentiate between different types of economies
•Know the weaknesses and strengths of each method of economy

Week

2

Module 1: Basic Concepts in Economics

6h

Unit 3: Fundamental Principles of Economics

6 study hours

•Understand the economic concepts
•Understand why and how available choices leads to decision making
•Know difference between the explicit or out-of-pocket cost and implicit or opportunity cost of the best alternative forgone as part of the total cost

Week

3

Module 2: Demand and Supply

18h

Unit 1: The Basis of Decision-making

6 study hours

•Understand how market operation in answering the what, how and for whom goods and services are produced
•Explain how firms transforms resources allocated (input) into product (output)
•Understand the circular flow of supply and demand between households and firm

Unit 2: Demand

6 study hours

•Understand price mechanism
•Explain demand for a commodity in relation to changes in price
•Elucidate on factors that determines quantity demanded

Unit 3: Supply

6 study hours

•Understand price mechanism
•Explain supply for a commodity in relation to changes in price
•Elucidate on factors that determines quantity supply

Week

4

Module 3: Price Determination

12h

Unit 1: Market Equilibrium

6 study hours

•Explain the usual prevailing market conditions
•Understand what is call excess demand
•Understand what is referred to as excess supply

Unit 2: Price Ceiling and Price Floor

6 study hours

•Why government interfere in the market price determination
•How government interfere in the market
•Explain price ceiling and understand price floor

Week

5

Module 3: Price Determination

12h

Unit 5: Elasticity of Demand

6 study hours

•Define elasticity in relation to demand
•Knows different types of elasticity of demand
•Calculate elasticity

Unit 3 Elasticity of Demand

6 study hours

•Explain elasticity in relation to supply
•Knows other types of elasticity that are important
•Calculate elasticity

Week

6

Module 4: Theory of Consumer Behavior

6h

Unit 1: Basis of Choice: Utility

6 study hours

•The student should be able to define utility
•Understand the concept of marginal utility
•And the concept of total utility

Week

7

Module 4: Theory of Consumer Behavior

6h

Unit 2: Budget Constraint

6 study hours

•Consumer's preference and indifference curve
•Characteristics of indifference curve shared by all consumer
•Budget constraint and consumer's income and preference

Week

8

Module 4: Theory of Consumer Behavior

6h

Unit 3: Equilibrium, Price and Income Changes

6 study hours

•To know the consumer equilibrium point on the budget line
•To know the effect of changes in income on the consumer's equilibrium
•To know the effect of changes in price of goods on the consumer's equilibrium

Week

9

Module 5: Theory of Production

6h

Unit 1: Factors of Production

6 study hours

•Factors of productions
•Their specific contribution to process of production
•Production function

Week

10

Module 5: Theory of Production

6h

Unit 2: Production Process and Cost Concepts

6 study hours

•Cost concepts and their definitions
•Total Cost Schedule and Cost Curve Schedule
•Marginal cost and Average Cost relationship

Week

11

Module 5: Theory of Production

6h

Unit 3: Law of Production

6 study hours

•Explain law of diminishing returns
•Understand how factors of production are combine optimally
•Know what firms stands to gain when a large production is embarked on or

Week

12

Module 6: Theory of Firm

6h

Unit 1: Perfect Competition

6 study hours

•How perfectly competitive market behave
•What determines the firm's profit?
•Assumptions of perfect competitive market

Week

13

Module 6: Theory of Firm

12h

Unit 2: Monopoly

6 study hours

•Define and explain monopolist competition
•What determines price and output in monopolistic competition market
•Why firm leaves or enter monopolistic market

Unit 3: Monopolistic Competition and Oligopoly

6 study hours

•Underlying assumptions of monopolistic competition
•Short-run equilibrium of monopolistic competition
•Long-run equilibrium of monopolistic competition

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review definitions of key economic terms from Units 1-3

2

Practice drawing and interpreting supply and demand curves (Units 4-6)

3

Focus on elasticity calculations and their implications (Units 7-9)

4

Understand the assumptions and outcomes of different market structures (Units 10-12)

5

Review past assignments and tutor feedback to identify areas for improvement

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