Principles of Economics
Diploma in Office Management & Technology
Minimum Passing Grade
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.
At the end of the semester, students are able to
- understand the principal tools and concepts of econmic analysis and
- identify how a market economy functions and role of government within
- 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
Basic economic concepts
Market Demand and Supply
Cost of Production
- Production Costs
- 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
- Problems in calculating national income.
- Uses of national income.
- Four phases of business cycles with diagram.
- Define depression, recession, recovery, and economic boom.
- Definition and calculation of unemployment.
- Types of unemployment.
- Types of inflation - demand pull and cost push.
- Calculation of inflation rate.
- Effects of inflation - gainers and losers.
- Differences between domestic and international trade.
- Advantages/gains of international trade.
- Tools of protectionism.
- Reasons for protectionism.
- Test 1 (10%)
- Test 2 (10%)
- Assignment (10%)
- Quizzes (10%)
- Final Examination (60%)
- 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.
Fakulti Pengurusan & Perniagiaan, Universiti Teknologi MARA
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