Code | Name of the Course Unit | Semester | In-Class Hours (T+P) | Credit | ECTS Credit |
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ECF109 | INTRODUCTION TO ECONOMICS I | 1 | 3 | 3 | 4 |
KEY LEARNING OUTCOMES OF THE COURSE UNIT (On successful completion of this course unit, students/learners will or will be able to) |
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Describe the basic concepts of economics. |
Explain the changes in market equilibrium using concepts such as supply-demand law, flexibility and price control. |
Interpret consumer behavior by using the concepts of total utility, marginal utility and budget constraint. |
Interpret producer behavior by using the concepts of total cost, marginal cost and budget constraint. |
Interpret the equilibrium formation at different markets by using production costs. |