GENN221 Economics - Fall 2012
(GENN221 - Fall 2012)

Compulsory, Credits: 2 (1+1+0)
Prerequisite(s): none

Economics as a Discipline: Economics as a Social Science, Micro-economics and Macroeconomics, Theories in Economics, Barriers to Clear Thinking in Economics. The Economic Problem: Scarcity, Resources and Production, Production Possibility Boundaries, Choices and Opportunity Costs, Resource Use (Fundamental Choices). Demand and Supply: The Mechanics of a Market. Demand and Supply, Consumers Behavior (Demand, Individual Demand and Market Demand), Properties of Demand Curves, Demand versus Quantity Demanded, Producers Behavior: Supply, Individual Supply and Market Supply, Properties of Supply Curves, Supply versus Quantity Supplied, Equilibrium of Demand and Supply, Adjustment in Market Equilibrium.
Supply and Demand Analysis: Economic Analysis, Demand Shifts: Substitutes and Complements, Demand Shifts: Superior and Inferior Goods, Price Ceilings, Price Floor, Excise Taxes. Price Elasticity of Demand: Price Sensitivity, Price Elasticity of Demand, Measuring Price Elasticity of Demand with the Arc Formula, Price Elasticity of Demand and Slope, Price Elasticity of Demand and Total Revenue, Determinants of Price elasticity of Demand, Other Elasticities. Perfect Competition and Monopoly Production and Input Use: Production, Production Functions, Short-Run Functions, Long-Run Production, Choices of Inputs. Economic Costs: Economic Costs, Short-Run Costs, Short-Run Cost Curves, Long-Run Costs and Long-Run Cost Curves. Profits, Interests, and Rent. Interest Rates, Time Value of Money. Feasibility Studies. Project Economic Analysis. Depreciation. Factor Markets: Perfect and Imperfect Competition.