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Ms 141

This document provides information about the MS141 Micro Economics course for Spring 2020 at GIK Institute of Engineering Sciences and Technology. It introduces the instructor, Ms. Umme Rabab Syed, and provides her contact information. It also lists the class times, information about the class webpage and email policy. Finally, it gives a general description of the course content to be covered and the tentative grading breakdown.

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Umme Rabab Syed
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108 views

Ms 141

This document provides information about the MS141 Micro Economics course for Spring 2020 at GIK Institute of Engineering Sciences and Technology. It introduces the instructor, Ms. Umme Rabab Syed, and provides her contact information. It also lists the class times, information about the class webpage and email policy. Finally, it gives a general description of the course content to be covered and the tentative grading breakdown.

Uploaded by

Umme Rabab Syed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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MS141: Micro Economics

Spring 2020

Instructor:

Ms. Umme Rabab Syed, Lecturer

Department of Management Sciences,

GIK Institute of Engineering Sciences and Technology


Department of Management Sciences

Instructor, Class timings, Office


hours
 Instructor
 Name: Ms. Umme Rabab Syed
 Email: [email protected] (Add “MS141” to the subject)
 Office: G02 – Dept. of Management Sciences, Brabers building.
 Office hours: Monday: 9a.m -10a.m, Tuesday: 8a.m- 10 a.m
Wednesday: 8a.m- 9 a.m Thursday: 8 a.m-10 a.m

 Class Hours (all lectures in DMgS)


 Tues: 12;30-1;30 LH1
 Wed: 11;30-12:30 LH1
 Thurs : 11.30-12;30 LH1

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Class webpage, email


 GIKI Content Management System - GIKI CMS
 Check the page carefully and regularly!
 Get attendance record and keep a tab on your presence.

 Google drive – MS141 page


 https://drive.google.com/open?id=13pln4bGlfpZ2y8QuegO-
IKJzUImDAJFN.Check the page carefully and regularly!
 Get assignments, lectures, results and updates on the page.

 Email policy
 Include MS141 in the subject of your e-mail.

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

General Course Description


The Student will be familiarized with:
 Introduction to Economics, Microeconomics
 Consumer Behaviour (Cardinal & Ordinal Approach)
 Laws of demand & Supply
 Concept of Elasticity
 Market Efficiency & Market Failure
 Concept of Externality
 Different Kinds of goods
 Concept of costs, revenues
 Different forms of market
Detailed course contents will be uploaded on the course website

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

General Course Description

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Text Books
Text Books
 Principles of Microeconomics by N. Gregory
Mankiw 8th Edition(2017)

Principles of Microeconomics by Robert H.Frank,


Ben Bernanke, Kate, 7Th Edition(2018)

Reference Books and Material


Intermediate Microeconomics by Hal.R.Varian
9th Edition(2014)

Microeconomic Theory-Basic Principles &


Extensions by Walter Nicholson (2016)

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Tentative Course Grading


 Assignments 10%

 Quizzes 15 %

 Class participation 5%

 Mid Term Examination 30%

 Final Examination 40%

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Assignments and Quizzes


 A number of assignments and quizzes will be taken

 Announced and/or unannounced quizzes may be given to students


any time during/after the lecture

 Assignment session from the assignment can be taken anytime after


the assignment submission

 Copying/cheating in assignments is categorically prohibited


and assignment will be marked on the basis of assignment
session.

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

General Rules
 According to institute policy, 80% attendance is MANDATORY to
appear in the final examination.

 Please be informed if you missed 10 classes you will be not allowed


in final exams

 There will be no retake of quizzes.

 It is expected that you will always come to class well prepared


having read the assigned material for the class.

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

General Rules
 All assignments must be submitted both in PRINTED as well as in
SOFT COPY.

 Extension in the deadline will only be granted under extreme


circumstances (on case-to-case basis) and must be applied for at
least 7 working days prior to the deadline.

 Please name your files (soft copy) as “Assignment_1_Regnumber”


e.g. for “Assignment_1_2016213”.

 For any queries, please follow the office hours in order to avoid any
inconvenience

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Introduction to Economics

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Introduction to Economics

ADAM SMITH’S DEFINITION OF ECONOMICS


 Adam Smith wrote a book in 1776 entitled, Wealth of
Nations
 According to Adam Smith, ECONOMICS IS A SCIENCE
OF WEALTH WHICH DISCUSSES PRODUCTION,
CONSUMPTION, DISRTIBUTION & EXCHANGE OF
WEALTH.

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Adam Smith’s Definition of


Economics
PRODUCTION OF WEALTH
 Production of goods & services by combining four
factors of production
 Factors of production: Land, Labour, Capital &
Organisation
 LAND: Free gift of nature, Natural Resource

 LABOUR: Any mental or physical work which is


done for reward.
 CAPITAL: Man made resources which help to
produce goods & Services.

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Adam Smith’s Definition of


Economics

ORGANIZATION: An act of combining four factors of


production
EXCHANGE OF WEALTH:
 As a result of exchange of wealth, people get goods &
services produced for each other.
 This enables everyone in the society to satisfy his
multiple wants.

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Adam Smith’s Definition of


Economics

DISTRIBUTION OF WEALTH
 Rewards to factors of production

 Land: rent

 Labour: wages

 Capital: interest

 Entrepreneur: profit

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Adam Smith’s Definition of


Economics
CONSUMPTION OF WEALTH
 The ultimate objective of production, exchange & distribution is the
consumption of wealth.
 Using up the utility of goods & services for the satisfaction of wants

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Difference between GOODS &


SERVICES

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Alfred’s Marshall Definition of


Economics
Economics is the study of mankind in the
ordinary business of life: it examines that part
of individual and social action which is most
closely connected with the attainment and use
of material requistes of well being.

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

Alfred’s Marshall Definition of


Economics

 Ordinary business of life or Economics as a


social Science
 Attainment and use of material requistes or
production & consumption of wealth
 Well being or welfare of society.

MS141- Micro Economics Lecture 1 – Introduction


Department of Management Sciences

THANK YOU

MS141- Micro Economics Lecture 1 – Introduction

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