Department of Business Studies

Syllabus for Principles of Microeconomics

Semester Year Spring 2023-2024
ECO101

General Course Coordinator GCC Dr. Salah Alhammadi

Branch Course Coordinator-BCC
Instructor/ Tutor
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Course Code and Title: ECO101 - Principles of Microeconomics

Course Credits: 4 credits

Prerequisites: EL099 English Orientation Programme (Level 3)

Textbook: Principles of Economics. Robert Frank, Jay Squalli and Ben Bernanke.
Second Middle East Edition. Published by McGraw-Hill Education.
Other Educational Resources (periodicals, software, Course webpage, etc.):
Online support material. In addition to the textbook, PowerPoint slides are prepared for
students' use and available in the Learning Management System (LMS). Also, a student
can access a full range of student support resources on the publisher's self-study program
at: http://connec.mcraw-hill.com/selfstudy.
Course Description (Module Specification):
This course will consist of three chapters that cover the main topics of microeconomics.
The three chapters' topic include the cost-benefit principle, the rationality of economic
decision, the difference between micro and macro analysis, supply-demand and
equilibrium analysis, production cost, and profit maximisation.

Course Aims / Objectives:

The academic purpose of this course is designed to introduce learners to the internal and
external elements of Microeconomics. After studying the module, students should be
able to:
1. Understand the domain of economics as a social theory.
2. Understand the main analytical tools that are used in economic analysis.
3. Learn the main conclusions derived from economic analysis and develop their
understanding of the organisational and policy implications.
4. To participate in debates on economic matters.

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Course Assessment
Assessment Type Number Weight

Quiz 1 (CLMS) 1 7.5% of CA course grade

Quiz 2 (CLMS) 1 7.5% of CA course grade
Mid-Term (MTA) 1 30% of CA course grade
Attendance or in-class discussion 1 5% of CA course grade
Final Exam 1 50% of course grade
Total 100%
 In-class activities or attendance weights 5%.
 Each CLMS quiz has 7.5% weight (No TMAs).
 For the two CLMS exams, please check the announcement on the LMS for any
updates.
 50 points for the Final Exam.

Course Grades:

Letter A B+ B C+ C D F
Grade Range 90+ 82-89 74-81 66-73 58-65 50-57 < 50
Points 4 3.5 3 2.5 2 1.5 0

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ECO101 – Microeconomics - Bi-weekly Course Calendar:
Week Topics Covered Assessment

1&2 Chapter 1: Thinking like an Economist:

 Economics: Studying Choice in a World of Scarcity
 Applying the Cost-Benefit Principle
o Economic Surplus
o Opportunity Cost
o The Role of Economic Models
o Focusing on Marginal Costs and Benefits
 Normative Economics versus Positive Economics
 Economics: Micro and Macro
 Economic Naturalism
3&4 Chapter 3A: Demand and Supply
 What, How, and for Whom? Central Planning versus the
Market
 Buyers and Sellers in Markets
o The Demand Curve
o The Supply Curve
5&6 Chapter 3B: Demand and Supply CLMS Quiz 1
 Market Equilibrium (chapter 1 and
o Rent Controls Reconsidered 3A&B)
o Pizza Price Controls? 20-03-2024 @
 Predicting and Explaining Changes in Prices and 19:30-23:30
Quantities Kuwait Time
o Shifts in Demand
 THE ECONOMIC NATURALIST
o Shifts in the Supply Curve
 THE ECONOMIC NATURALIST
o Four Simple Rules
 THE ECONOMIC NATURALIST
 Efficiency and Equilibrium
o Cash on the Table
o Smart for One, Dumb for All
7&8 Chapter 6: Perfectly Competitive Supply MTA Check with
 Thinking about Supply: The Importance of Opportunity your local deanship
Cost for updates
 Individual and Market Supply Curves
 Profit-Maximising Firms in Perfectly Competitive Markets
 Determinants of Supply Revisited
9&10 Chapter 7 Efficiency, Exchange, and the Invisible Hand in CLMS Quiz 2
Action (chapters 6 and 7)
 The Central Role of Economic Profit 1-5-2024 @ 18:00-
o Three Types of Profit 22:00 Kuwait Time
 The Invisible Hand Theory
o Two Functions of Price
o Responses to Profits and Losses
o The Importance of Free Entry and Exit
12&13 Review

14&15 Final Exam, check LMS to specify the official date! Final

 Please be informed that while the slides are helpful for teaching, the book (online) remains the
official and primary source of study material.

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 The date of the CLMS quiz 1 and 2 may change. Please check with your Tutor and the LMS for
further announcements.
 Teaching Method: Face to face.

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