LECTURE ONE

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FUNDAMENTALS OF ECONOMICS

The focus of this lecture is the basic concepts of economics. Students will learn to think like an economist by applying some economic models to practical examples.

OBJECTIVES

1. Define the term “Economics”

2. Explain the role of government in a mixed economy

3. Understand Production Possibility Frontier

4. Illustrate market equilibrium using supply and demand curves

5. Explain the relationship between market and aggregate supply and demand.

TOPICS

Please read all the lectures by clicking on the following topics.

ECONOMIC ESSENTIALS

PRODUCTION POSSIBILITY FRONTIER

ECONOMIC SYSTEMS

INTERNATIONAL TRADE              

DEMAND

DETERMINANTS OF DEMAND

SUPPLY

DETERMINANTS OF SUPPLY

MARKET EQUILIBRIUM

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