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Course List

Principles of Economics

  • Course Code :
    Gen 401
  • Level :
    Undergraduate
  • Course Hours :
    2.00 Hours
  • Department :
    Department of Petroleum Engineering

Instructor information :

Area of Study :

The Main Goals of this course are:  Explain and analyze the role of markets, government, and other institutions in our lives.  Study the economic principles that attempt to elucidate the complex choices that households, businesses, and societies make in their pursuit of happiness and greater common good.  Critically examine the role of government policies in achieving greatest common good both at micro and macro levels.  Learn about the tools and methodologies that economists use. Petroluem

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Principles of Economics

Fundamental economic concepts, applying the tools (graphs, statistics, equations). Understanding of operations and institutions of economic systems. Basic economic principles of micro and macroeconomics, international economics, comparative economics systems, measurement and method.

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Principles of Economics

Course outcomes:

a. Knowledge and Understanding:

1- Recognize the macro and micro economics
2- Relate the working market mechanism and price formation
3- Explain the factors effected in both supply and demand and its effect in market price
4- Illustrate the demand and supply Elasticity and Its Applications and how to benefit from studies elasticity
5- Define the different types of cost and its behaviour
6- Describe the Firm behaviours in Competitive Markets
7- Explain the GPD and GNP and different methods for its measuring

b. Intellectual Skills:

1- Predict the difference between macro and micro economics
2- Evaluate the market mechanism
3- Identify the meaning of demand and supply and how to draw the graph and use the equation of each
4- . Identify the demand and supply Elasticity and the factor effected in each and how to be used it in your live and work
5- Solve Problems on different types of cost and its behavior and the relation between each cost and price and volume of production which lead to increase the company profit

c. Professional and Practical Skills:

1- Analysis the market condition, supply and demand Elasticity and its usage in drawing the company strategy in production , cost and pricing
2- Use analytical tools ( graphs, statistics , equation ) to determine the best level of ( cost – price –supply – demand –) and using its Elasticity to increase company profitability

d. General and Transferable Skills:

1- Use internet in search of market, cost price analysis
2- Work effectively individually.
3- Collaborate effectively.

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Principles of Economics

Course topics and contents:

Topic No. of hours Lecture Tutorial/Practical
introduction to economics – difference between microeconomics and macroeconomics 3 1 4
SUPPLY AND DEMAND: HOW MARKETS WORK 3 1 4
Elasticity and Its Applications 3 1 4
Supply, Demand, and Government Policies 6 2 8
Firm behavior and the organization of industry -The Costs of Production- The Production Function- Fixed and Variable Costs 6 2 8
Firms in Competitive Markets 6 2 4
Monopoly 6 2 4
Measuring a Nation’s Income 3 1 4
Measuring the Cost of Living- the consumer price index 6 2 4
Money Growth and Inflation 3 1 4

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Principles of Economics

Teaching And Learning Methodologies:

Teaching and learning methods
Interactive Lecturing
Discussion & Problem solving

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Principles of Economics

Course Assessment :

Methods of assessment Relative weight % Week No. Assess What
Assignments 10.00
In Class Quizzes 5.00
Final exam 40.00
Mid-Term exams 40.00
Participations 5.00

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Principles of Economics

Books:

Book Author Publisher

Recommended books :

Steven A. Greenlaw, “Principles of Economics”, University of Mary Washington

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