Study Guide

Teaching methods

This course is aims to cover the most essential topics in Mico- and Macroeconomics.

On the microeconomics side, the course aims at Introducing the meaning and importance of economics, economic thinking and logic in all aspects of business and life. It also aims at introducing the most essential economic tools and models. Providing a good introduction to the concept of Market's demand and supply, and the outcome of demand and supply interaction, also introducing the different market structures and firms' operation decisions under each market condition.

On the macroeconomics side, the course introduces the most important macroeconomic variables (GDP, inflation, unemployment, and interest rate) and their impacts on business cycle, and economic growth.

To these aims, the course will include the following topics:
Economic thinking in business, assumptions, tools, and essential models.
Opportunity cost and trade-off.
Market mechanism and interaction. (Demand and Supply model, elasticity)
Supply decision, markets structure and firm’s output decision under competition. (perfect competition, monopoly, oligopoly and monopolistic competition)
Macroeconomic environment and variables (inflation, unemployment, economic cycles, interest rate, economic growth, and GDP)
Money and banking
Fiscal and monetary policy, and the AD/AS model.

The main mode of Learning during the course is lectures and, guided exercises.
Attendance is not compulsory, but it is highly recommended to be present and to participate in the exercises

Assessment will be based on the exams scores: Evaluation will be 30% mid semester online Moodle exam. 70% on final exam.

Mid-term exam is a onetime exam (no retake arranged). It will cover all the topics covered from the beginning of the course to the point of supply decision.

Final exam is arranged more than one time and will cover all the topics.

Please note that if you missed or totally failed the mid-term exam you will have to master the final exam (score more than 71%) to barely pass the course.

Materials

Hubbard, R. and O'Brien, A. Economics. 3rd ed. or newer. Pearson.
Parkin, M. Economics: Global edition. 10th ed. or newer. Prentice Hall. (Selected chapters)