ROCKVIEW UNIVERSITY

SCHOOL OF HUMANITIES AND BUSINESS STUDIES

DEPARTMENT OF ECONOMICS

Principles Of Economics: EC 111

Lecturer: Mukonda F.N

This course provides an introduction to a broad range of economic concepts, theories and analytical
techniques. It considers both microeconomics - the analysis of choices made by individual
decision-making units (households and firms) - and macroeconomics - the analysis of the economy
as a whole. The use of a market, supply and demand, model will be the fundamental model in
which trade-offs and choices will be considered through comparison of costs and benefits of
actions. Production and market structure will be analysed at the firm level. Macroeconomic issues
regarding the interaction of goods and services markets, labour and money at an aggregate level
will be modelled. The role of government policy to address microeconomic market failures and
macroeconomic objectives will be examined.
Course Learning Outcomes
On successful completion of this course, students will be able to:
1. Describe and explain how microeconomic models can be used to consider fundamental
economic choices of households and firms.
2. Describe and explain how macroeconomic models can be used to analyse the economy as
a whole.
3. Describe and explain how government policy influences microeconomic choices and
macroeconomic outcomes.
4. Interpret and use economic models, diagrams and tables and use them to analyse
economic situations.

Outline
1. Basic economic terms
2. Demand and Supply, Market equilibrium
3. Elasticities
4. Consumer behavior
5. Costs
6. Pure competition, Profit maximization
7. Monopoly
8. Macroeconomics, GDP
 9. Expenditures on GDP
10. Money
11. Macroeconomic instability
12. Business cycle, Economic growth
13. Fiscal policy
14. International trade, Absolute & comparative advantage

References

1. Mukonda., F.N, Principles of Economics (Module), Rockview University, 2017

2. David Begg, Gianluigi Ve rnasca, Stanley Fischer and Rudiger Dornbusch. Economics
10th Edition. McGraw-Hill Education. 2014
3. Frank R.H., B.S. Bernanke:, Principles of Economics, McGraw-Hill, 3.Ed. 2005
4. Fialová, H., J. Fiala: The Concise Dictionary of Economic Terms, A plus, Praha 2008
5. Mankiw G., Essential of Economics, 7th Ed., Southwestern, 2015