We have taken a new initiative to introduce the engineering students of Computer Science and Engineering department of Dr.Ambedkar Institute of Technology (Dr.AIT) to the concepts of Economics. Regarding this, we have prescribed the “Principles of Economics” course starting from the academic year 2021. This is an elective course. I like to thank OpenStax for providing high quality textbooks as part of their Open Education Resources initiative.

Course Title: Principles of Economics
Course Code: 18CS644
Exam Duration: 3 hours
No. of Credits: 3 = 3: 0: 0 (L: T: P)
No. of lecture hours/week: 3 Hours
Total No. of Contact Hours: 42 Hours

Course Objectives:

  1. Choose the concept of scarcity to explain economic trade-offs, opportunity costs, and rational behaviour.
  2. Interpret measures of elasticity and investigate the production and costs of the firm.
  3. Demonstrate how markets function and what happens in the presence of market failures.
  4. Analyse the different types of market structures such as monopoly and a competitive market.
  5. Determine how economic growth, unemployment and inflation macroeconomics affects the economy of the nation in the short and long-run.
  6. Discover the determinants of foreign trade flows and exchange rates, and their effects on the domestic economy.


Unit
No
   
Syllabus   Content
   
   

No of
Hours
   
1.   
Welcome to Economics, What Is Economics, and Why Is It Important? Microeconomics and Macroeconomics, How Economists Use Theories and Models to Understand Economic Issues, How To Organize Economies: An Overview of Economic Systems, Choice in a World of Scarcity, How Individuals Make Choices Based on Their Budget Constraint, The Production Possibilities Frontier and Social Choices, Confronting Objections to the Economic Approach, Demand and Supply, Demand, Supply, and Equilibrium in Markets for Goods and Services, Shifts in Demand and Supply for Goods and Services, Changes in Equilibrium Price and Quantity: The Four-Step Process, Price Ceilings and Price Floors, Demand, Supply, and Efficiency, Labor and Financial Markets, Demand and Supply at Work in Labor Markets, Demand and Supply in Financial Markets, The Market System as an Efficient Mechanism for Information.    
09   
   
2.   
Elasticity, Price Elasticity of Demand and Price Elasticity of Supply, Polar Cases of Elasticity and Constant Elasticity, Elasticity and Pricing, Elasticity in Areas Other Than Price, Consumer Choices, Consumption Choices, How Changes in Income and Prices Affect Consumption Choices, Behavioral Economics: An Alternative Framework for Consumer Choice, Production, Costs, and Industry Structure, Explicit and Implicit Costs, and Accounting and Economic Profit, Production in the Short Run, Costs in the Short Run, Production in the Long Run, Costs in the Long Run.    
08   
   
3.   
SELF-STUDY

Perfect Competition, Perfect Competition and Why It Matters, How Perfectly Competitive Firms Make Output Decisions, Entry and Exit Decisions in the Long Run, Efficiency in Perfectly Competitive Markets, Monopoly, How Monopolies Form: Barriers to Entry, How a Profit-Maximizing Monopoly Chooses Output and Price, Monopolistic Competition and Oligopoly, Monopolistic Competition, Oligopoly.
   
08   
   
4.   
The Macroeconomic Perspective, Measuring the Size of the Economy: Gross Domestic Product, Adjusting Nominal Values to Real Values, Tracking Real GDP over Time, Comparing GDP among Countries, How Well GDP Measures the Well-Being of Society, Economic Growth, The Relatively Recent Arrival of Economic Growth, Labor Productivity and Economic Growth, Components of Economic Growth, Economic Convergence, Unemployment, How Economists Define and Compute Unemployment Rate, Patterns of Unemployment, What Causes Changes in Unemployment over the Short Run, What Causes Changes in Unemployment over the Long Run.    
09   
   
5.   
Inflation, Tracking Inflation, How to Measure Changes in the Cost of Living, How the U.S. and Other Countries Experience Inflation, The Confusion Over Inflation, Indexing and Its Limitations, The International Trade and Capital Flows, Measuring Trade Balances, Trade Balances in Historical and International Context, Trade Balances and Flows of Financial Capital, The National Saving and Investment Identity, The Pros and Cons of Trade Deficits and Surpluses, The Difference between Level of Trade and the Trade Balance.    
08   


Course Outcomes


Course
Outcomes
Description RBT
Levels
   
CO1   
   
Identify the determinants of supply   and demand; demonstrate the impact of shifts in both market supply and demand   curves on equilibrium price and output.   
   
L2   
   
CO2   
   
Determine the roles that prices and   markets play in organizing and directing economic activity.   
   
L3   
   
CO3   
   
Calculate and graph the short-run   and long-run costs of production, supply and demand elasticities.   
   
L3   
   
CO4   
   
Describe governmental efforts to address market   failure such as monopoly power, externalities, and public goods.   
   
L2   
   
CO5   
   
Examine and interpret a nation’s   economic performance indicators such as economic growth, unemployment and   inflation from a macroeconomic perspective.   
   
L3   
   
CO6   
   
Articulate the mechanics and institutions of   international trade and their impact on the macro economy.   
   
L3   


Course Articulation Matrix (CO-PO Mapping)


CO-PO
Mapping
   
PO1   
   
PO2   

PO3
   
PO4   
   
PO5   
   
PO6   
   
PO7   
   
PO8   
   
PO9   
   
PO10   
   
PO11   
   
PO12   
   
CO1   
   
1   
   
3   
   
2   
   
2   
   
1   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
CO2   
   
1   
   
3   
   
1   
   
1   
   
1   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
CO3   
   
1   
   
3   
   
1   
   
1   
   
1   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
CO4   
   
1   
   
3   
   
1   
   
1   
   
1   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
CO5   
   
1   
   
3   
   
2   
   
2   
   
1   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
CO6   
   
1   
   
3   
   
2   
   
2   
   
1   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
-   
   
Strong   -3 Medium -2 Weak -1   


TEXT BOOKS:


  1. Steven A. Greenlaw, David Shapiro, “Principles of Economics”, 2nd Edition, Rice University - OpenStax, 2020. ISBN-13: 978-1947172371 (Available under CC-BY license at https://openstax.org/details/books/principles-economics-2e)

REFERENCE BOOKS:


  1. N. Gregory Mankiw, “Principles of Economics”, 8th Edition, Cengage Learning, 2016. ISBN-13: 978-0357038314.
  2. Niall Kishtainy, “The Economics Book: Big Ideas Simply Explained”, 1st Edition, DK Publishers, 2012. ISBN-13: 978-0756698270.
  3. Yves Hilpisch, “Python for Finance: Mastering Data-Driven Finance”, 2nd Edition, O’Reilly Media, 2018 ISBN-13: 978-1492024330.
  4. Quentin Batista, Thomas Sargent and Jesse Perla, “QuantEcon DataScience: Introduction to Economic Modeling and Data Science”, Center for Innovative Data in Economics, Vancouver School of Economics, UBC, 2020.

SELF-STUDY REFERENCES/WEBLINKS:


  1. Perfect Competition
     https://mru.org/teacher-resources/university-video-mappings/openstax-microeconomics-textbook-video-mapped-syllabus#section8
  2. Monopoly
     https://mru.org/teacher-resources/university-video-mappings/openstax-microeconomics-textbook-video-mapped-syllabus#section9
  3. Monopolistic Competition and Oligopoly
     https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/imperfect-competition/monopolistic-competition/v/oligopolies-and-monopolisitc-competition

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