Introduction to Economics

2 Credits

Through the provision of this course, students are expected to make the process of making business decisions based on analysis of the industry and the overall condition of a country.

Students are equipped to have an understanding of the environment in which an organization’s business functions will help students to take right decisions, thus knowledge of the basic concepts of economics such as price theory, consumer behavior, theory of production and costs, market structures and national income, money, banking and monetary theory is a very important thing.

Course is to discuss the basic concepts in economics both microeconomics and macroeconomics nature.

After following this course, students can understand the definition and basic concepts of microeconomics, especially regarding pricing theory, the theory of consumer behavior, theory of production and cost of production, market structure, factors of production and the free market system. Students are also able to understand the meaning and the basic concepts of macroeconomics, in particular regarding the calculation of national income and economic activity, the balance of national income, money banks and monetary theory, equilibrium IS-LM and AD-AS balance of foreign trade and an open economy and growth economy.

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