CERTIFICATE IN BUSINESS

STUDIES
ECO1001
PRINCIPLES OF ECONOMICS

INTRODUCTION
GETTING TO KNOW ABOUT YOU…
1) What is your name?
2) How do I recognize you (Nickname)?
3) Your contact number.
4) Your email address.
5) Tell me about yourself: (interest, advantages, disadvantages, etc)
6) What is your favorite activity: (sports, games, etc)
7) Do you have interest in Economics?
8) In your opinion, what is Economics all about?
9) What is your expectation about Economics (interest)?
10)What is your target for Economics (grades, achievements)?
11)Draw an image that portraits yourself.
CLASSROOM RULES

RULE 1
Put your hand up if you
want to speak / answer.
CLASSROOM RULES

RULE 2
Respect each other
CLASSROOM RULES

RULE 3
Concentrate during the
lecture
CLASSROOM RULES

RULE 4
Finish your work
(assignment/homework) on time.
CLASSROOM RULES

RULE 5
Be punctual to class.
CLASSROOM RULES

RULE 6
Need full participation in
group activity
WHAT IS ECONOMICS?
WHAT IS ECONOMICS?
 Economics is the study of how people choose to use resources.
WHAT IS ECONOMICS?
 Resources include the time and talent people have available, the land, buildings,
equipment, and other tools on hand, and the knowledge of how to combine
them to create useful products and services.

 Important choices involve how much time to devote to work, to school, and to
leisure, how many dollars to spend and how many to save, how to combine
resources to produce goods and services, and how to vote and shape the level of
taxes and the role of government.
WHAT IS ECONOMICS?
 People appear to use their resources to improve their well-being.

 Well-being includes the satisfaction people gain from the products and services
they choose to consume, from their time spent in leisure and with family and
community as well as in jobs, and the security and services provided by
effective governments.

 Economics includes the study of labor, land, and investments, of money,

income, and production, and of taxes and government expenditures.
WHAT IS ECONOMICS?
 Microeconomics starts by thinking about how individuals make decisions.

 Macroeconomics considers aggregate outcomes.

 The two points of view are essential in understanding most economic phenomena.

ECONOMICS

MICROECONOMIC MACROECONOMIC
S S
 ECO1001
ECONOMICS
SUBJECT DESCRIPTION
This course is designed to introduce the general concepts in economics, show their importance in daily
decision making and expose the students to the economist’s way of thinking.

SUBJECT OBJECTIVES
The aims of this course are to enable students to:
 understand and be able to explain all the basic economic theories and concepts applicable to
microeconomics and macroeconomics.
 be exposed to economic terminologies terms used in the theories.
SUBJECT OUTCOME
On completion of the course, students will be able to:
1. Define important and specific terminologies in economics.
2. Apply basic economic concepts as used by the economists in real life situation.
3. Relate economic environmental elements to world changing conditions.
STUDENT EVALUATION
Method Types** Weightage (%)
Assignment 1 (Individual) 20
Assignment 2 (Group 20
Continuous Assessment Project)
Test 1 10
Test 2 10
Summative Assessment Final Examination 40
REFERENCES
Basic Text Book:
McConnell, R.C., and S. L. Brue, 2011, Economics: Principles, Problems and
Policies, 19th edition, McGraw Hill, New York.
 
 
References:
Parkin, M., 2013, Economics, 11th edition, Addison Wesley, New York
Schller, B.R., 2013, Essentials of Economics, 9th edition, McGraw-Hill, New
York.