ECO 121: Principles of Economics

INTRODUCTION ECO 121: Principle of Economics is a three-credit and one-semester undergraduate course for Economics student. The course is made up of 21 units spread across fifteen lectures weeks. This course guide tells you what economic problems are and how are they use to solve households and firm’s economic needs. It tells you about the course materials and how you can work your way through these materials. It suggests some general guidelines for the amount of time required of you on each unit in order to achieve the course aims and objectives successfully. Answers to your tutor marked assignments (TMAs) are therein already. COURSE CONTENT This course is basically an introductory course on the Micro-economics aspect of economics theory. The topics covered includes the subject matter of economics and basic economics problems; the methodology of economics science; and the general principles of resource allocation; market mechanism-demand and supply; price determination and elasticity, theory of consumer behaviour; theory of production; market structure price and output under perfect competition; monopoly; monopolistic competition and oligopoly. It takes you through meaning of economics and its various definitions. Since economics is defined based on the two assumptions, the assumptions were elaborated on in relation with some other concepts that are interwoven. Thereby interdependency and complexity of economics become obvious through real life scenario given in the units.