Theories and Principles of Economics

At the end of the course, students shall demonstrate the following competencies: 1. define economics; 2. identify the basic economic principles governing the market economy; 3. state the historical evolution of economic ideas; 4. differentiate between micro and macro economic principles; 5. identify various areas of specialisation in economics; 6. Relevance of economic theory to development.

As introduction to the various issues, the nature of economics science. Its scope and methodology. Major areas of specialization. Historical development of economic ideas. Major findings in the various areas of specialization. Elementary principles of Micro-economic theories. Current issues of interest and probable future development. Concept of Equilibrium and Elasticity. Theory of Consumer Behaviour. Theory of Production and Costs. Market structure. Elementary principles of Micro-economic theories. Introduction to macroeconomics. Current issues of interest and probable future development.