The course provides students an engaging, practice-oriented approach to understanding core economic principles. Each lecture concentrates on a manageable number of ideas with each reinforced several times throughout the course. This approach helps guide students through unfamiliar terrain and focus them on the most important concepts and key skills — like reading and interpreting graphs. It also motivates with compelling issues and questions, and encourages learning with activities and practice questions, to help students grasp and apply economic principles to their lives going forward.

The goal of mastering the discipline

This course is designed to expose first-year students, who may be new to economics, the core principles of economic theory. The emphasis will be on thinking like an economist and the course will illustrate how economic concepts can be applied to analyze real-life situations and make effective decisions.

The skills you get

  • By the end of the course the students will know: • A basic terms and concepts of economics and the foundational knowledge of how the economy works • Basic economic models that draws the implications of equilibrium conditions in markets. The students will be able to: • make sense of economic terms and think as an economist based on logics of economics • understand basic instruments of studying economics such as understanding graphs, basic mathematic tools, and statistics. The students will have the experience in: • discussions of economic ideas and concepts

Topics covered

  • 1. Getting started. 2. Modern Economies 3. The Economic Problem 4. Demand and Supply 5. Elasticities of Demand and Supply 6. Efficiency and Fairness of Markets 7. Government Actions in Market 8. Global Markets in Action 9. Externalities: Pollution, Education and Healthcare

When instructed

  • 1st year, 2nd semester

List of references and sourses

Bade R. and Parkin M. — Essential Foundations of Economics, 8 (9)th Edition.  Pearson education, 2018 (2021).