Introduction to Economic Theory

This course is a foundational course that introduces first-year students to the fundamentals of economic theory. In general, the course covers two major topics: the basic concepts of microeconomics and the basic concepts of macroeconomics. The fundamentals of microeconomics include demand, supply, and the goods (output) market. Meanwhile, the fundamentals of macroeconomics include national income, the determination of national income in both closed and open economies, the multiplier concept, basic concepts of aggregate demand and supply, unemployment and inflation, and theories of economic growth.