Course Code: AEC 101
Course Title: Principles of Economics
Credit Hours: 2 (2+0)
Full Marks: 50
Theory: 50
Practical: 0
Course Objectives
Upon completion of this course, students will be able to:
- Develop a clear understanding of economic theories related to production, consumption, distribution, and welfare.
- Analyze consumer and producer behavior, demand and supply mechanisms, and market structures.
- Understand the concepts of national income and welfare economics.
I. Course Syllabus
- Concept and definition of Economics; subject matter, nature, and relationship with other disciplines.
- Concepts of economic terms: Goods, services, utility, value, price, wealth, and welfare.
- Theories of consumption and indifference curves.
- Law of demand and supply, elasticity of demand and supply.
- Cost functions and their relationships.
- Market structure and price analysis.
- Characteristics and theories of land, labor, and capital.
- Concept of welfare economics and Pareto optimality.
- Concept and measurement of national income.
II. Course Outline (Lecture Plan)
| S.N. | Topics | No. of Lectures |
|---|---|---|
| 1 | Concept and definition of economics – Adam Smith, Marshall, and Robbins | 3 |
| 2 | Subject matter, nature, relationship and importance of economics | 2 |
| 3 | Terminologies – goods, service, utility, value, wealth, price, equilibrium, want, welfare | 1 |
| 4 | Theories of consumer behavior and indifference curves: concept, types, and properties | 4 |
| 5 | Law of demand and elasticity of demand: price elasticity, income elasticity, and cross elasticity | 2 |
| 6 | Law of supply and elasticity of supply | 1 |
| 7 | Cost functions and their relationships | 2 |
| 8 | Market and market structures – concept and characteristics | 2 |
| 9 | Price determination under perfect, monopoly, and monopolistic markets | 3 |
| 10 | Land – characteristics and theories of rent | 2 |
| 11 | Labor – characteristics and theories of wages and population | 2 |
| 12 | Capital – characteristics and theories of interest | 2 |
| 13 | Organization – concept and theory of profit | 1 |
| 14 | Welfare economics: concept and Pareto optimality | 1 |
| 15 | National income: concept and measurement | 2 |
| Total | 30 |
References
- Chopra, P. N. (2000). Principles of Economics. Kalyani Publishers, New Delhi.
- Hirshleifer, J. (1987). Price Theory and Its Application. Prentice Hall of India, New Delhi.
- McConnell, C. R. (1975). Economics: Principles, Problems, and Policies. McGraw-Hill, USA.
