Microeconomics BSNA 1305

Course description:

Definition of economics- other economic terms- macroeconomics in our life, production possibilities curve- Demand theory and demand law, Tables & Graphs- price elasticity of demand- supply theory-supply law- determinants of supply, price elasticity of supply- the equilibrium between supply and demand- production theory, cost theory competitive market, monopoly, imperfect competition- oligopoly vs. competition, monopolistic competition, distribution theory.

Course Aims:

Upon completion of the course, students will be able to: 
  • Understand the concepts of microeconomics science.
  • Understand the relation between microeconomics and other sciences.
  • Understand the nature of economic problem.
  • Ability to answer the main questions; what to produce, the technical way to produce, to whom you will sell your products.
  • Understand the relation between micro & macroeconomics.
  • Distinguish between positive and nominative economics.
  • Understand the types of markets and the importance of every type.
  • Understand the theory of distribution.

Course outcomes:

By the successful completion of this unit, students will be able to:
  • Knowledge and understanding. 
  1. Explain the nature of the economic problem: the scarcity problem.
  2. Show how to use the production possibilities curve to explain the scarcity problem and the concept of the opportunity cost. 
  • Cognitive skills (thinking and analysis).
  1. Determine supply and demand schedules and how price is determined in the market.
  2. List the determinants of supply and demand and explain the role of price in the economy. 
  3. Explain the circular flow of income
  • Communication skills (personal and academic).
  1. Explain the meaning of GDP and how it is measured. 
  2. Analyze classical and Keynesian macroeconomics. 
  3. Define the nature and function of money and banking.