Introduction to Economics

Learning Outcomes

Transferable and Generic Skills

Having successfully completed this module you will be able to:

• Communication Skills
• Social Skills, Team Skills and Responsibilities

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• Apply economic analysis to written, numerical, diagrammatic and graphical data.
• Evaluate economic information and data.
• Explain the rationale and methodology or government intervention.
• Use economic information and data to recognise patterns and to deduce relationship.
• Show knowledge and understanding of economic definitions, formulas, concepts and theories.

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• To use economic information and data.
• To describe the fundamentals concepts of economics.
• To apply these concepts and data for economic analysis.

Topic 1: Introduction to economic

• Illustrate the definition of economics, types of economics system, economic concepts, and economic problems.

Topic 2: Demand and Supply

• Explain the definition of demand & supply, law of demand & supply, individual demand& supply, and market demand& supply.

Topic 3: Elasticity

• Calculate price elasticity of demand, income elasticity of demand, price elasticity of supply.

Topic 4: Market equilibrium

• Define and interpret market equilibrium.

Topic 5: Consumer behaviour

• Define and explain utility, the law of marginal utility, indifference curve and its properties.

Topic 6: Theory of firm and market structure

• Describe the theory of firm and market structure.

Topic 7: Introduction to macroeconomic

• Interpret the concepts and objectives of macroeconomics, elements of macroeconomics, concepts of national income.

Topic 8: Financial system

• Discuss the definition, characteristics and functions of money, concept of money supply, functions of central banks and commercial banks, Islamic banking products.

Topic 9: Inflation

• Define and measure inflation and unemployment, types of inflation and unemployment, relationship between inflation and unemployment.

Topic 10: Public finance

• Explain the concepts of public finance, sources of conventional government revenue and expenditure, tax structures, government budgets, public finance in Islam

Teaching and learning methods

Teaching and learning activities include:

• Lectures and Seminars: these activities are the core of this taught programme. Lectures are teacher-led and will provide you with the knowledge and support you need to underpin your undergraduate degree programme. In classes for the subject specific modules you will develop yourunderstanding of the concepts and approaches used in the teaching of the discipline you will study in more depth in your undergraduate programme.
• Independent study: you will be expected to spend a significant amount of time working independently on a range of tasks including preparatory tasks for classes, carrying out personal research and completing assignments.

Assessment strategy

There is no pass/fail assessment in this semester. You will be expected to complete all assessment elements. You will be given extensive feedback on your performance to prepare you for the following semesters.

Summative

This is how we’ll formally assess what you have learned in this module.