Economics

Course Code : AEC 111
Course Title : Principles of Economics
Credit Hours : 2 (2+0)

OBJ ECTIVES
Upon the completion of this course, the students will be able to understand the general concept and principles of economics, particularly related with production, consumption and distribution.

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SYLLABUS
Definition of Economics-Adam Smith, Marshall, and Robbins; Subject matter and nature of economics. Basic concepts of economic terms, Consumption and indifference curves and their analysis, price effects and income effects. Law of diminishing marginal utility Law of demand and elasticity of demand. Law of supply and elasticity of supply Cost curve concepts and their relationships Market structure and price determination – market forms, perfect competition market;
monopoly market, and monopolistic market. Characteristics and theories of land, labor and capital. Malthusian and optimum theory of population.

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NOTES:

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Recommended:

1. Introduction.
2. Modern Theory of Rent.
3. Quasi-Rent by Alfred Marshall.
4. Remaining.

Alternate Resources:

Source 1 Source 2 Source 3

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