Introduction to Economic Theory

This course is a foundational subject that introduces first-year students to the basic concepts of Economic Theory. In general, the course covers two major areas: the fundamental concepts of microeconomics and macroeconomics.

The fundamentals of microeconomics include demand, supply, and the goods market (output market). Meanwhile, the fundamentals of macroeconomics cover national income, the determination of national income in both closed and open economies, the multiplier concept, the basic concepts of aggregate demand and supply, unemployment and inflation, and theories of economic growth.