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INTRODUCTION TO ECONOMICS I COURSE IDENTIFICATION AND APPLICATION INFORMATION

Code Name of the Course Unit Semester In-Class Hours (T+P) Credit ECTS Credit
EKF109 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)

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