College of Business (UUM COB)

UNIVERSITI UTARA MALAYSIA

COURSE SYLLABUS

COURSE : PRINCIPLES OF ECONOMICS

CODE : BEEB1013

Synopsis

This course provides students with exposure to the basic concepts of economics. The course is divided into
microeconomics and macroeconomics. Topics include the theory of supply and demand, and market equilibrium price, and
consumer behaviour theory, theory and firm cost, national income, aggregate supply and demand, money supply and
money demand and monetary and fiscal policy.

Course Learning Outcomes

Upon completion of the course, students are able to

1 Explain the basic and important concepts and theories of economics. (C2)

2 Demonstrate the relationship between theories and concept of economics to current economy (C3,A3)

Tranferable Skills (if applicable)

Knowledge and Understanding (LOC1), Digital Skills (LOC3d)

Teaching Method

LECTUREF2F-PHYSICAL, OTHERSF2F-PHYSICAL, OTHERSNF2F-OL-ASYNCHRONOUS,

Topic Content

Course Learning Total Leaning

Topic
Outcome (CLO) Time

1) Introduction to Economics 1 2

1.1)Definitions of Economics
1.2)Economic Define: Scarcity, Choice and Opportunity Cost.
1.3)Ceteris Paribus and Theory
1.4)Scope of Economic

2) Basic Concepts and Problems of Economics 1 4

2.1)The Production Possibilities Frontier(PPF)

2.2)Basic Questions of Economics: What, How and Whom
2.3)Economic Systems: Capitalists, Socialists and Mix

3) Demand, Supply, and Market Equilibrium 1 6

3.1) Demand
3.2)Supply
3.3)Market Equilibrium
3.4)Changes in Market Equilibrium
3.5)Consumer and producer surplus

4) Elasticity 1 6

4.1)Price Elasticity of Demand

4.2)Income Elasticity of Demand
4.3)Cross Elasticity of Demand
4.4)Price Elasticity of Supply

5) The Theory of Consumer Behaviour (Consumer Choice) 1 6

5.1)Conceptual of Utility
5.2)Cardinal Utility Theory
5.3)Ordinal Utility Theory

6) Production and Cost 1 6

6.1)The Concepts of Cost

6.2)Production
6.3)Cost
6.4)Cost in the Long Run

7) The Theory of Firm and Market Structure 1 6

7.1)Perfect Competition
7.2)Monopoly
7.3)The Differences between Perfect Competitive Firm and Monopoly (long run)
7.4)Price Discrimination: definition, Type and conditions

8) Introduction to Macroeconomics 1,2 6

8.1)Macroeconomic Concern
8.2)The Component of the Macroeconomy
8.3)History of Macroeconomics
8.4)Macroeconomics Measurements (Variables)
 9) Measuring National Income 1,2 6

9.1)Gross Domestic Product (GDP)

9.2)Gross National Product (GNP)
9.3)Limitation of GDP Concept
9.4)Net National Product
9.5)Personal Income
9.6)Disposable Income
9.7)National Income Accounting
9.8)Real GDP and Nominal GDP

10) National Income Equilibrium and Aggregate Expenditure (2 and 3 Sectors Econom 1,2 12

10.1)Consumption and Saving Functions

10.2)APC, APS, MPC and MPS
10.3)National Income Equilibrium, Table and Graphical Approach
10.4)Changes in National Income Equilibrium
10.5)Investment Multiplier, Government Expenditure Multiplier and Tax Multiplier

11) Money and Money Supply 1,2 4

11.1)Definition and Function of Money

11.2)Commodity and Fiat Money
11.3)Defining the Money Supply
11.4)How Banks Create Money

12) The Central Bank System 1 2

12.1)The Structure and Functions of Central Bank (Bank Negara Malaysia)

12.2)Monetary Policy Instrument (How Central Bank Control the Money Supply)

13) Money Demand and Interest Rate Equilibrium 1,2 6

13.1)Money Demand
13.2)Interest Rate Equilibrium
13.3)The Effects of Changes in Supply and Money Demand on Economy Variables
13.4)Nominal and Real Interest Rates

14) Aggregate Demand and Aggregate Supply 1,2 12

14.1)Aggregate Demand
14.2)Aggregate Supply (AS)
14.3)Macroeconomics Equilibrium and Policies Changes

Assessment
 Assessment type CLO Weightage

ASSIGNMENT 2 20.00

FINAL EXAM 1 50.00

TEST (QUIZ & MID EXAM) 1 30.00

100.00
Total Weightage

References

1 Grace et.al ( 2019). Principles of Economics (1st ed) , SJ Learning:Pearson Education Limited

2 Arnold, Roger A. (2019). Principles of Economics (13th) , Boston, US:South Western Cencage Learning