Principles of Economics I

1. Understand the meaning and scope of economics
2. Understand the distinctions between Microeconomics and Macroeconomics
3. Understand fundamentals of Microeconomics
4. Understand the importance and significance of Microeconomics
5. Understand the limitations of Microeconomics

13 weeks, about 114 hours in total. Yours will differ.

1. Week 1Module 1: Basic Concepts in Economics

   • Unit 1: What is economics? · 6 hours

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

   • Unit 2: The Economics System · 6 hours

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

2. Week 2Module 1: Basic Concepts in Economics

   • Unit 3: Fundamental Principles of Economics · 6 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.

3. Week 3Module 2: Demand and Supply

   • Unit 1: The Basis of Decision-making · 6 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 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 hours

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

4. Week 4Module 3: Price Determination

   • Unit 1: Market Equilibrium · 6 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 hours

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

5. Week 5Module 3: Price Determination

   • Unit 5: Elasticity of Demand · 6 hours

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

   • Unit 3 Elasticity of Demand · 6 hours

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

6. Week 6Module 4: Theory of Consumer Behavior

   • Unit 1: Basis of Choice: Utility · 6 hours

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

7. Week 7Module 4: Theory of Consumer Behavior

   • Unit 2: Budget Constraint · 6 hours

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

8. Week 8Module 4: Theory of Consumer Behavior

   • Unit 3: Equilibrium, Price and Income Changes · 6 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.

9. Week 9Module 5: Theory of Production

   • Unit 1: Factors of Production · 6 hours

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

10. Week 10Module 5: Theory of Production

    • Unit 2: Production Process and Cost Concepts · 6 hours

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

11. Week 11Module 5: Theory of Production

    • Unit 3: Law of Production · 6 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.

12. Week 12Module 6: Theory of Firm

    • Unit 1: Perfect Competition · 6 hours

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

13. Week 13Module 6: Theory of Firm

    • Unit 2: Monopoly · 6 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 hours

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