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Ismail Hassan
ECO101

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COURSE INFORMATION

Code

ECO101

Course

Principles of Economics

Level

Diploma in Office Management & Technology

Credit Unit

3

Contact Hour

4

Part

4

Course Status

Non-core

Prerequisite

None

 
COURSE DESCRIPTION
 
This one-semester course is specially designed for non-business major students.  It provides an introduction to basic ideas of economics and focuses on students learning and applying the central ideas used in economic anyalysis.
 
OBJECTIVES
 
At the end of the semester, students are able to
  • understand the principal tools and concepts of econmic analysis and reasoning
  • identify how a market economy functions and role of government within it.
  • explain the economic environment within which business operates.
  • identify the economic factors that influence the behaviour and performance of firms and industries.

METHOD OF INSTRUCTION

  • Lectures
  • Tutorials

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SYLLABUS CONTENT

Basic economic concepts

Market Demand and Supply

Market Equilibrium

Elasticity

Cost of Production

  • Short-run production costs, definition of short-run, formulas and cost curves.
  • Long-run production costs, definition of long-run, LRAC curve, sources of economices and diseconomies of scale.

National Income Accounting

  • Definition of natinal income.
  • Define and distinguise - GNP, GDP, NNP, PI, DPI, market price and factor cost.
  • Measuring national income - Expenditure, Income, and Output approaches.
  • Problems in calculating national income.
  • Uses of national income.

Business Cycles

  • Four phases of business cycles with diagram.
  • Define depression, recession, recovery, and economic boom.

Unemployment

  • Definition and calculation of unemployment.
  • Types of unemployment.

Inflation

  • Definition.
  • Types of inflation - demand pull and cost push.
  • Calculation of inflation rate.
  • Effects of inflation - gainers and losers.

International Trade

  • Differences between domestic and international trade.
  • Advantages/gains of international trade.
  • Tools of protectionism.
  • Reasons for protectionism.

ASSESSMENT

  • Test 1 (10%)
  • Test 2 (10%)
  • Assignment (10%)
  • Quizzes (10%)
  • Final Examination (60%)

REFERENCES

  • Mankiw, N.G. (2001).  Essentials of Economics. (2nd Edition). Orlando:  Harcort College Publishers.
  • Tucker, I.B. (2000).  Economics for Today. (2nd Edition).  Ohio:  South Western College Publishing.
  • Samuelson, P.A. and Nordhaus, W.D. (1995). Economics. (15th Edition). New York:  McGraw-Hill Inc.

Answer to Non-price Determinants of Demand Question

Special ECO101 Review Questions

Fakulti Pengurusan & Perniagiaan, Universiti Teknologi MARA