Introductory Course in Economics

Topics: Supply and demand, Economics, Microeconomics Pages: 7 (1104 words) Published: September 18, 2013


GROUP| LECTURER| OFFICE| LECTURE HOURS| LECTURE ROOM| A| Prof. N. Narayana| 240/113| M, W & F 0800 | 252/LT-1| B| Dr. J.B. Tlhalefang| 240/258| M, W & F 1200| 252/LT-2| C| Ms. M. Seemule| 230/209| M, W & F 0900 | 240/002| D| Prof. N.P. Sinha| 240/105| M, W & F 0900 | 240/001| E| Mr. M. Rathedi| 240/259| M, W & F 0900 | 245/134| F| Dr. B.K. Acquah| 240/107| M, W & F 1600 | 252/LT-3| G| Mr. M. M. Ntsosa| 230/207| M, W & F 1000 | 245/134| H| Mrs. Z. Kahaka| 242B/03| M, W, & F 1000| 252/LT-9| I| Prof. C. Mupimpila| 240/260| M, W, & F 1200| 252/LT-1| J| Mrs. Z. Kahaka| 242B/03| M, W & F 0800| 240/001| K| Dr. M. Bakwena | 244E/77| M, W & F 1200| 252/LT-9 | L| Mr. B.W. Malema| 240/262| M, W & F 1100| 230/G5|


Test- 1 on 15 September (Sunday) 2013 starting at 0900 Hours| Test- 2 on 03 November (Sunday) 2013 starting at 0900 Hours|

Number of Credits:3 credits
Type of the course:Core course
Semester:First Semester
Pre-requisites For the course : Credit in Mathematics for those
Intending to major in Economics
Co-requisites :None


This is an introductory course in Economics. The aim of the course is to expose the beginner to the basic concepts in Economics and to introduce the principles essential to understanding economic problems.

The learning objectives are to enable the student to:

(a)Familiarise with the basic concepts and fundamental principles of economics,
(b)Lay foundation for subsequent study of microeconomics, and
(c)Develop interest in the subject and apply principles of economics to current economic issues.


‘Basic Microeconomics’ is offered as a fundamental, comprehensive and analytical course accessible to a wide range of students. It will enable the students to understand the essential microeconomic issues with basic analytical tools.


Introduction to Economics: definition of economics- the nature and scope of microeconomics-Economic methodology- the economising problem; understanding economic systems-Microeconomics versus Macroeconomics. Price theory and applications: Theory of demand and supply-market equilibrium. Concept of elasticity: Demand and supply elasticity concepts and applications. Theory of the firm: theory of production and costs-short-run and long run production costs. Market structures: pure competition and pure monopoly. International trade: the economic basis for foreign trade - trade barriers and trade policy- balance of payments.


1.Introduction to Economics

1.0Definition, Nature and scope of Economics

-Defining Economics
-Economic Methodology
-Microeconomics vs. Macroeconomics
- Graphs and Curves in Economics

1.1The Economizing Problem
-Unlimited wants and scarce resources
-Full employment and...

References: Campbell R. McConnell and Stanley L. Brue (2008) Economics, Mc Graw Hill, 17th Edition

1. Philip Hardwick et al., (1999) An Introduction to Modern Economics, Longman, 4th Edition
2. Joseph E
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