{"id":922,"date":"2025-04-23T15:48:38","date_gmt":"2025-04-23T15:48:38","guid":{"rendered":"https:\/\/eng.pdn.ac.lk\/mgn\/?page_id=922"},"modified":"2026-04-06T03:06:58","modified_gmt":"2026-04-06T03:06:58","slug":"ma3600-basic-economics","status":"publish","type":"page","link":"https:\/\/eng.pdn.ac.lk\/mgn\/ma3600-basic-economics\/","title":{"rendered":"MA3600 &#8211; Basic Economics"},"content":{"rendered":"\n<p>&nbsp;<\/p>\n<p><style>\n        body {\n            font-family: Arial, sans-serif;\n            background-color: #f9f9f9;\n            margin: 0;\n            padding: 0 0px;\n        }\n        .container {\n            max-width: 1000px;\n            margin: 30px 0;\n            background-color: #fff;\n            padding: 20px;\n            box-shadow: 0 0 10px rgba(0,0,0,0.1);\n        }\n        h2 {\n            color: #800000;\n        }\n        h3 {\n            color: #000000\n        }\n        .section-title {\n            background-color: #fff8dc;\n            padding: 10px;\n            margin-top: 30px;\n            border-top: 2px solid #800000;\n            font-weight: bold;\n            font-size: 1.2em;\n            color: #800000;\n        }\n        .content-block {\n            margin-bottom: 20px;\n        }\n        ol {\n            padding-left: 40px;\n        }\n        li {\n            margin-bottom: 10px;\n        }\n        .bold {\n            font-weight: bold;\n        }\n        .grey-box {\n            background-color:#fff;\n            padding: 15px;\n        }\n        .table-section {\n            display: flex;\n            gap: 20px;\n            margin-top: 20px;\n        }\n        table {\n            border-collapse: collapse;\n            width: 60%;\n            background-color: #fff;\n        }\n        th, td {\n            border: 1px solid #ccc;\n            padding: 8px 12px;\n            text-align: left;\n        }\n        th {\n            background-color: #fff8dc;\n            color: #800000;\n        }\n        .half-table {\n            width: 48%;\n        }\n        .text-left {\n\t\ttext-align: left;\n\t}\n\n\t.text-right {\n    \t\ttext-align: right;\n\t}\n    <\/style><\/p>\n\n\n<p><strong>Credits:<\/strong> 2<\/p>\n\n<p><strong>Pre-requisites:<\/strong> None<\/p>\n\n<p><strong>Core \/ Optional:<\/strong> Core for Mechanical Engineering Undergraduates <\/p>\n\n<p><strong>Aim(s):<\/strong>To impart the concepts and frameworks of procurement management and to develop students&#8217; analytical and decision-making skills related to procurement management. <\/p>\n\n<p><strong>Intended Learning Outcomes: <\/p><\/strong>\n\n<ol>\n<li><strong>describe<\/strong> the key ideas that define the economic way of thinking.<\/li>\n<li><strong>analyse<\/strong> how demand and supply determine prices.<\/li>\n<li><strong>explain<\/strong> the relationship between a firm&#8217;s output and costs.<\/li>\n<li><strong>analyse<\/strong> the impact of government interventions in markets.<\/li>\n<li><strong>analyse<\/strong> the effect of international trade on the microeconomics of organizations.<\/li>\n<\/ol>\n\n\n<p><strong>Course Content (Only main topics &amp; subtopics):<\/p><\/strong>\n<ol>\n<li><strong>Basic Economic Concepts:<\/strong> Scarcity, thinking on the margin; opportunity cost; the power of trade; comparative advantage; production possibilities frontier.<\/li>\n<li><strong>Allocation of Resources:<\/strong> Demand; supply; demand and supply shifters; equilibrium; elasticity; price ceilings and floors; the labour market.<\/li>\n<li><strong>Costs and Production:<\/strong> Profits and losses; how much should a firm produce; production function.<\/li>\n<li><strong>Government and the Macroeconomy:<\/strong> Public goods and private goods; concept of environment; GDP; unemployment; inflation; the role of investment banking; and the importance of production development.<\/li>\n<li><strong>International Trade and Globalization:<\/strong> Trade between countries; growth of globalization; the role of free trade; multinational companies; foreign exchange and balance of payments stability.<\/li>\n<\/ol>\n\n\n<p><strong> Time Allocation:<\/p><\/strong>\n<table>\n<colgroup>\n        <col style=\"width:60%;\">\n        <col style=\"width:40%;\">\n        \n    <\/colgroup>\n<thead>\n<tr>\n<th>Learning component<\/th>\n<th class=\"text-right\">Hours<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Theory<\/td>\n<td class=\"text-right\">20<\/td>\n<\/tr>\n<tr>\n<td>Small group activities<\/td>\n<td class=\"text-right\">10<\/td>\n<\/tr>\n<tr>\n<td>Assignments<\/td>\n<td class=\"text-right\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Practical<\/td>\n<td class=\"text-right\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Independent Learning<\/td>\n<td class=\"text-right\">70<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p><strong> Marks Allocation:<\/p><\/strong>\n<table>\n<colgroup>\n        <col style=\"width:60%;\">\n        <col style=\"width:40%;\">\n        \n    <\/colgroup>\n<thead>\n<tbody>\n<tr>\n<th>Assessment<\/th>\n<th class=\"text-right\">Percentage Marks<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Continuous Assessments\n<br>Small group Activities 20%, Quizzes 20% <\/br><\/td>\n<td class=\"text-right\">40%<\/td>\n<\/tr>\n<tr>\n<td>Final Assessment<\/td>\n<td class=\"text-right\">60%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n<p><strong>Recommended Reading: <\/p><\/strong>\n<ul>\n<li>Cowen, T. &amp; Tabarrok, A. (2015). Modern Principles of Economics, 3rd Edition, Worth Publishers, New York.<\/li>\n<li>Mankiw, N.G. (2021). Principles of Economics. Pearson Education, 9th Edition, Cengage, UK.<\/li>\n<li>Mateer, D., Koppock, L. and O&#8217;Roark, B. (2016). Essentials of Economics. Norton &amp; Co.<\/li>\n<li>Parkin, M. (2010). Macroeconomics. Pearson Education, UK.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Credits: 2 Pre-requisites: None Core \/ Optional: Core for Mechanical Engineering Undergraduates Aim(s):To impart the concepts and frameworks of procurement management and to develop students&#8217; analytical and decision-making skills related to procurement management. Intended Learning Outcomes: describe the key ideas that define the economic way of thinking. analyse how demand and supply determine prices. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-922","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/eng.pdn.ac.lk\/mgn\/wp-json\/wp\/v2\/pages\/922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eng.pdn.ac.lk\/mgn\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/eng.pdn.ac.lk\/mgn\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/eng.pdn.ac.lk\/mgn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eng.pdn.ac.lk\/mgn\/wp-json\/wp\/v2\/comments?post=922"}],"version-history":[{"count":7,"href":"https:\/\/eng.pdn.ac.lk\/mgn\/wp-json\/wp\/v2\/pages\/922\/revisions"}],"predecessor-version":[{"id":2868,"href":"https:\/\/eng.pdn.ac.lk\/mgn\/wp-json\/wp\/v2\/pages\/922\/revisions\/2868"}],"wp:attachment":[{"href":"https:\/\/eng.pdn.ac.lk\/mgn\/wp-json\/wp\/v2\/media?parent=922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}