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ECON11026 Principles of Economics

In the course, Economic Principles students will study the core principles of economics and how they can be applied to both microeconomics and macroeconomics. The demand-supply model, market equilibrium, elasticity, and how the cost and revenue curves are calculated will all be covered in this course. In order to understand why government intervention is required to fix market failure and achieve allocative and production efficiency, students will compare the major market structures. The importance of major macroeconomic indicators in managing the economy and the effectiveness of macroeconomic policies in achieving long-term economic growth will be explained to the students.