UNITED INTERNATIONAL UNIVERSITY

School of Business and Economics

BSECO Program
Course Outline: Economics

Part A- Introduction

Course No./ Course Code : ECO 4101

Course Title : Economics
Course Type : Core Course
Level/Term and Section : N/A
Academic Session : Fall 2024
Course Instructor : Tanseer Ahamed
Lecturer, School of Business & Economics, UIU
Email: [email protected] ; Cell Number: 01730716727
Room: 336 (A)
Class Hours : Sunday & Wednesday: 12:31PM - 01:50PM (Room: 423)
Counselling Hours : Sunday & Wednesday: 9:51AM – 12:30AM; 1:51PM - 03:10PM
Saturday & Tuesday: 12:31PM - 1:50PM
Marks : 100

Course Rationale:

This course introduces CSE students to the foundational principles of Economics, highlighting the essential
ways societies allocate limited resources to produce and distribute valuable goods. Recognizing the ever-
evolving nature of economic landscapes, we will explore the ongoing shifts in economic affairs influenced
by societal changes, environmental factors, and global economic dynamics. The curriculum divides its
focus between Microeconomics, which zeroes in on the decisions and behaviors of individual households,
firms, and markets, and Macroeconomics, which offers a broader lens on the overall performance and health
of an economy. Tailored for CSE students, this course bridges the intersection of technology and
economics, preparing them for multidisciplinary challenges ahead.

Course Objectives:

1. Grasp foundational principles of both microeconomics (focused on individual behaviors) and

macroeconomics (concerned with the overall economy).
2. Explore and understand the interplay between technological advancements and economic principles.
3. Apply economic concepts to real-world challenges, particularly those at the intersection of technology
and economics.
Part B: Content of the course

Course Content

Introduction: Scarcity, Efficiency, Basic concepts of microeconomics, Ten Principles of Economics.

Thinking Like an Economist: Economic Models, Our First Model: The Production Possibilities
Frontier, Microeconomics and Macroeconomics, Positive versus Normative Analysis.
The market forces of demand and supply: Markets and Competition, What Is a Market? What Is
Competition? Demand, the Demand Curve: The Relationship between Price and Quantity Demanded,
Market Demand versus Individual Demand, shifts in the Demand Curve, Supply, the Supply curve: The
Relationship between Price and Quantity Supplied, Shifts in the Supply curve.
Elasticity and its Application: The Price Elasticity of Demand and Its Determinants, Computing the Price
Elasticity of Demand, The Midpoint Method: A Better Way to Calculate, Percentage Changes and
Elasticities, The Variety of Demand Curves, Other Demand Elasticities, Practical example and implications
of Elasticity.
Supply, Demand, and Government Policies: How Price Ceilings Affect Market Outcomes, How Price
Floors Affect Market Outcomes, How tax impositions Affect Market Outcomes.
Consumers, Producers, and the Efficiency of Markets: Willingness to Pay, Using the Demand Curve to
Measure Consumer Surplus, how a Lower Price Raises Consumer Surplus What Does Consumer Surplus
Measure? Producer Surplus, Cost and the Willingness to Sell, Using the Supply Curve to Measure Producer
Surplus, how a Higher Price Raises Producer Surplus.
The Theory of Consumer Choice: The Budget Constraint: What the Consumer Can Afford, Preferences:
What the Consumer Wants, Representing Preferences with Indifference Curves, Four Properties of
Indifference Curves.
The cost of Production: Total Revenue, Total Cost, and Profit, Costs as Opportunity Costs, Economic
Profit versus Accounting Profit, Production and Costs, The Production Function, The Various Measures of
Cost, Fixed and Variable Costs, Average and Marginal Cost, Cost Curves and Their Shapes, Typical Cost
Curves, Costs in the Short Run and in the Long Run, The Relationship between Short-Run and Long-Run,
Average Total Cost, Economies and Diseconomies of Scale.
Firms in competitive market: What Is a Competitive Market? The Meaning of Competition, The Revenue
of a Competitive Firm, Profit Maximization and the Competitive Firm’s Supply Curve, A Simple Example
of Profit Maximization, The Marginal-Cost Curve and the Firm’s Supply Decision, The Firm’s Short-Run
Decision to Shut Down, The Firm’s Long-Run Decision to Exit or Enter a Market.
The Short Run: Market Supply with a Fixed Number of Firms, The Long Run: Market Supply with Entry
and Exit.
Monopoly: How Monopolies Make Production and Pricing Decisions, Monopoly versus Competition, A
Monopoly’s Revenue, Profit Maximization, Monopoly’s Profit, The Welfare Cost of Monopolies, The
Deadweight Loss, The Monopoly’s Profit: A Social Cost?
Monopolistic competition & Oligopoly: Between Monopoly and Perfect Competition, Competition with
Differentiated Products, the Monopolistically Competitive Firm in the Short Run, The Long-Run
Equilibrium, Monopolistic versus Perfect Competition Monopolistic Competition and the Welfare of
Society, Basic concepts of Oligopoly, characteristics of oligopoly.
Basic concepts of Macroeconomics: Objectives and instruments of Macroeconomics, Tools of
Macroeconomics
Measuring a Nations Income: Circular Flow Model, the measurement of Gross Domestic Product,
Components of GDP, Real GDP vs Nominal GDP, Is GDP a good measure of economic wellbeing,
Calculation of GNP, NNP, PI and DPI.
Measuring the cost of living: The Consumer Price Index, How CPI is calculated, GDP Deflator vs CPI,
Correcting economic variables for the effect of inflation, Nominal interest rate, real interest rate and Fisher
effect.
The Monetary System: The meaning of Money, Three functions of Money, Characteristic of Money,
Kinds of Money, Banks and Money Supply. Fiscal and monetary policy

Course Learning Outcomes (CLO)

After the successful completion of the course, students will be able to:

1. CLO1 (Related to PLO1: Engineering knowledge): Understand and elucidate foundational concepts of
both microeconomics and macroeconomics, such as scarcity, efficiency, and the ten principles of
economics, and relate them to real-world engineering scenarios.
2. CLO2 (Related to PLO2: Problem analysis): Analyze market forces, focusing on demand and supply
dynamics, elasticity, consumer choices, and the effects of government policies on market outcomes,
applying this knowledge to address and solve complex engineering and technological challenges.
3. CLO3 (Related to PLO10: Communication): Effectively communicate the impact and implications of
various economic policies and structures, such as monopolies, oligopolies, and competitive markets, on
technological systems and projects, both in written and oral forms.
4. CLO4 (Related to PLO11: Project Management and Finance): Evaluate cost structures and financial
aspects of production, leveraging knowledge of consumer and producer market efficiencies, to inform
effective project management and fiscal decision-making in engineering contexts.
5. CLO5 (Related to PLO12: Life Long Learning): Cultivate a deep appreciation for the ever-evolving
nature of economics, recognizing the significance of ongoing learning to understand and adapt to shifts in
economic landscapes, especially as they intersect with technological advancements.
Mapping of CLOs with Program Learning Outcomes (PLO)

PLO1 PLO2 PLO10 PLO11 PLO12

CLO/PLO Engineering Problem Communication Project Life Long
knowledge analysis Management and Learning
Finance
CLO1 √
CLO2 √
CLO3 √
CLO4 √ √
CLO5 √

Mapping Course Learning Outcomes (CLOs) with the Teaching-Learning& Assessment Strategy

Week Topic Teaching-Learning Assessment Correspon

Strategies Strategies ding CLO
1-2 Ten principles of Economics Lecture, Discussion, Class test (Short Q and
Group study for MCQ) or CLO1
problem analysis Quiz, assignment
2-3 Thinking Like an Economist Lecture, Discussion,
Group study for Class test (Short Q and CLO1
problem analysis MCQ) or
Quiz, assignment
4 The market forces of demand and Lecture, discussion, Small case study,
supply Question-Answer understanding sharing, CLO1,2
session and oral presentation
5-6 Elasticity and its Application lecture discussion Class test (Short Q and
with multi-media, MCQ) or
panel discussion Quiz, Home CLO2
assignment

6-7 Supply, Demand, and Feedback, Class test (Short Q and

Government Policies: lecture discussion MCQ) or
Consumers, Producers, and the with multi-media and Quiz, Home
Efficiency of Markets also using whiteboard assignment CLO2
to critically explain
the graphs and figures
 8 The Cost of Production Lecture with multi- Class test (Short Q and
Firms in a competitive market media, Group MCQ) or
discussion for CLO4
Quiz, Home
problem analysis
assignment
9-10 Monopoly, Monopolistic Lecture with multi-
competition & Oligopoly media, Group Class test (Short Q and
The Theory of Consumer Choice discussion for MCQ) or Quiz, Home CLO4
problem analysis assignment

10-11 Macroeconomics: National lecture discussion Problem-solving based

Income, GNP, Gross Domestic with multi-media, on the activities done
Question-Answer in the previous classes CLO1,3
Product (GDP), Nominal and
session
Real GDP, AD, AS
11-12 Macroeconomic goals and policy Feedback, Class Tests,
options (Fiscal Policy & lecture discussion Presentation
Monetary Policy), Money: with multi-media,
Functions of Money, Value of group discussion
CLO5
Money and Policy options
Inflation and Unemployment:
Definition, Impact, Causes &
Relationship
(Note that two-week time is reserved for the Midterm and Final Examination)
Part C- Assessment and Evaluation
Assessment Strategy
Assessment Strategy Details Marks
Formative or Continuous Assessment Attendance and class participation 5
Quizzes or class tests (Best 2 Out of 3) 20
Individual assignments (2 Assignments) 5
Summative Assessment Mid-term Examination 30
Final Examination 40
Total 100
Evaluation Policy (Grading System)

Letter Grade Marks Grade Point Letter Grade Marks Grade Point

A (Plain) 90-100 4.00 C+ (Plus) 70-73 2.33

A- (Minus) 86-89 3.67 C (Plain) 66-69 2.00
B+ (Plus) 82-85 3.33 C- (Minus) 62-65 1.67
B (Plain) 78-81 3.00 D+ (Plus) 58-61 1.33
B- (Minus) 74-77 2.67 D (Plain) 55-57 1.00
F (Fail) <55 0.00
I (Incomplete)
Make-up Procedures
If a student cannot attend the final examination due to unavoidable circumstances, he/she must request an
“I (incomplete)” grade from the course instructor by the examination's scheduled date. Upon receiving the
application, the instructor will assign an 'I' grade for that student. At the start of the new trimester, the
program office will designate a 15-day period for grade changes. During this time, the student should
coordinate with the course instructor to take the make-up final examination. Following the make-up exam,
the instructor will submit a revised grade to the program office for approval. Subsequently, the examination
controller office will update the 'I' grade in the result management system and notify the student(s) of the
change.

Part D-Learning Resources

Textbook: Mankiw, N. G. Principles of Economics. Cengage Learning. (Latest Edition)

Reference books:
1. Economics, Paul A. Samuelson and William D. Nordhaus, McGraw-Hill, Eighteen Edition
(international)
2. Microeconomics by Roger Arnold (Latest Edition)

Other resources:
Websites, Research, and working papers, Newspapers