Semester

6

Course Code

MA 3600

Course Name

Basic Economics

Credit Value

2

Pre-requisites

None

Core/Optional

Core for Mechanical Engineering Undergraduates

Hourly Breakdown

Theory

Small Group Activities

Independent Learning

20

10

70

Course Aim(s): To impart the concepts and frameworks of procurement management and to develop students’ analytical and decision-making skills related to procurement management.

Intended Learning Outcomes:
On completion of the course, students should be able to:

➢      describe the key ideas that define the economic way of thinking.

➢      analyse how demand and supply determine prices.

➢      explain the relationship between a firm's output and costs.

➢      analyse the impact of government interventions in markets.

➢      analyse the effect of international trade on the microeconomies of organisations.

Course Content: (Only main topics & subtopics)

➢      Basic Economic Concepts: Scarcity; thinking on the margin; opportunity cost; the power of trade; comparative advantage; production possibilities frontier.

➢      Allocation of Resources: Demand; supply; demand and supply shifters; equilibrium; elasticity; price ceiling and floors; the labour market.

➢      Costs and Production: Profits and losses; how much should a firm produce; production function.

➢      Government and the Macroeconomy: Public goods and private goods; economics of environment; GDP; unemployment; inflation; the role of central banking; other measures of development; green and welfare economies.

➢      International Trade and Globalisation: Trade between countries; growth of globalisation; the role of free trade; multinational companies; foreign exchange and balance of payments stability.

Teaching/Learning Methods:

➢      Lectures

➢      Student Based Activities

Continuous Assessment
40%

Final Assessment
60%

Small Group Activities 20%

Quizzes 20%

Theory(%)

60%

Practical(%)

-

Other (%)

-

Recommended Reading:

➢      Cowen, T. & Tabarrok, A. (2015). Modern Principles of Economics, 3rd Edition, Worth Publishers, New York.

➢      Mankiv, N.G. (2021). Principles of Economics. Pearson Education, 9th Edition, Cengage, UK.

➢      Mateer, D., Koppock, L. and O'Roark, B. (2016). Essentials of Economics. Norton & Co.

➢      Parkin, M. (2010). Macroeconomics, Pearson Education, UK.