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SCHOOL OF ECONOMICS, FINANCE & BANKING

UUM COLLEGE OF BUSINESS


SEMESTER A161
No.

Information on Course

1.

Course Name :

PRINCIPLES OF ECONOMICS

2.

Course Code:

BEEB 1013

3.

Name(s) of Academic Staff:


NOOR SAADAH SABUDIN

4.

Rationale for the inclusion of the course in the programme:


To expose the students to the basic concepts of economics.

5.
6.
7.

Semester/Year Offered: 1/1


Total Student
Learning Time (SLT)
TL = Traditional
Lecture

Face to face

Online
Learning

TL

SCL/
O

OL

OA

34

3.5

SLPA

TLT

69.5

120

T = Tutorial
P = Practical
SCL/O = Student
Cantered
Learning/Others
A = Assessment
OL= Online Learning
OA = Online
Assessment
SLPA= Self Learning
Preparation and
Assessment
TLT = Total Learning
Time

9.

Credit Value: 3

10.

Pre-requisite (if any):


none

11.

Objective(s) of Course :
After completing this course, students should be able to:
Students are expected to
i.
ii.

12.

Understand the basic concepts of economies.


To relate the basic concepts of economics to the real
economic situations.

Course Learning Outcomes:


Upon completion of the course, students are able to
1. Explain the basic concepts of economics (C2, A3, P2).
2. Explain
important
theories
in
microeconomics
and
macroeconomics. (C2, A3,P2).
3. Analyse the relationship between theories and concept of
economics to current economy (C4).

13.

Transferable Skills:
1. Knowledge in economics.
2. Technical skills.
3. Critical skills.

14.

Teaching-learning and assessment strategy:


Mixed method between teacher-centred and students-centred. For the
assessment strategy it is a continuous assessment.

15.

Synopsis:
This course provides students with exposure to the basic concepts
of economics. The course is divided into microeconomics and
macroeconomics. Topics include the theory of supply and demand,
and market equilibrium price, and consumer behaviour theory,
theory and firm cost, national income, aggregate supply and
demand, money supply and money demand and monetary and
fiscal policy.

16.

Mode of Delivery:
Traditional Lectures, Practical, Student Centred Learning, Project, Web
Tools.

17.

Assessment Methods and Types:


Coursework 50%
- Quiz 1 5%
- Quiz 2 5%
- Quiz 3 5%
2

Final
18.

Mid Semester Exam -25%


Assignment 1 5%,
Assignment 2 5%,
Examination 50%

Mapping of the course/module to the Programme Aims


Course Learning Outcomes

Programme Aims

The program aims to produce


graduates who have the a wide and
deep knowledge of the economy,
powerful analytical thinking and
with features such as positive
personal
leadership,
selfconfidence, ethical and always
sensitive to the requirements of the
Malaysian economy.
22.

Mapping of the course/module to the Programme Learning Outcomes

Course Learning Outcomes

Programme Learning Outcomes

To explain the concepts and


theories related to economics.
To apply the concepts, tools, and
techniques of economics.
To analyse critically for effective
decision making.

/
/

To communicate effectively in oral


and writing.
To demonstrate interpersonal skills
for optimum group performance.
To satisfy the relevant professional
ethical code of conduct.
To utilise economic knowledge and
ICT skills for lifelong learning
process.

To demonstrate managerial skills


and entrepreneurial thrust..
To portray leadership quality.
26.

Content outline of the course/module and the SLT per topic

Topic

1.0 Introduction to Economics


1.1Definitions of Economics
1.2Economic Define: Scarcity, Choice
and Opportunity Cost.
1.3Ceteris Paribus and Theory
1.4 Scope of Economic:
- Microeconomic
- Macroeconomic
- Normative
- Positive
2.0Basic Concepts and Problems
of
Economics
2.1 The Production Possibilities
Frontier(PPF)
2.1.1 Constant Opportunity Cost
2.1.2 Increasing Opportunity
Cost
2.1.3Economic Concept of PPF
2.1.4 Shift of PPF
2.2 Basic Questions of Economics:
What, How and Whom
2.3 Economic Systems: Capitalists,
Socialists and Mix
3.0 Demand, Supply, and Market
Equilibrium
3.1 Demand
3.1.1 Law of Demand
3.1.2 Demand Curve
3.1.3
Change
in
Quantity
Demanded
3.1.4 Changes in Demand
3.1.5
Individual
and
Market
Demand
3.2 Supply
3.2.1 Law of Supply

Learni
ng
Outco
mes

Face to Face

TL

OL

SL

TLT

SC
L/
O

1, 2

1, 2

1, 2

3.2.2 Supply Curve


3.2.3 Change in Quantity Supplied
3.2.4 Changes in Supply
3.2.5
Individual
and
Market
Demand
3.3 Market Equilibrium
3.4 Changes in Market Equilibrium
4.0 Elasticity
4.1 Price Elasticity of Demand
4.1.1
Formula for Calculating
Elasticity Average Approach
4.1.2
The Degree of Elasticity
4.1.3 Elasticity and Total Revenue
4.1.3
The Determinants of
Elasticity
4.2 Income Elasticity of Demand
4.3 Cross Elasticity of Demand
4.4 Price Elasticity of Supply
4.4.1
Formula for Calculating
Elasticity Average Approach
4.4.2
The Degree of Elasticity
4.4.3
The Determinants of
Elasticity
5.0 The Theory of Consumer
Behaviour (Consumer Choice)
5.1 Conceptual of Utility
5.2 Cardinal Utility Theory
5.2.1 Total and Marginal Utility
5.2.2 The Law of Diminishing
Marginal Utility
5.2.3 Consumer Equilibrium
Mathematical Method
5.3 Ordinal Utility Theory
5.3.1 The Budget Line/constraint:
Definition, slope and
changes
5.3.2 The Indifference
Curve:Definition, slope,
characteristic and changes
5.3.3 Consumer Equilibrium
Graphical Method and
changes
6.0 Production and Cost
6.1The Concepts of Cost
6.1.1Explicit Cost and Implicit
Cost
6.1.2Accounting Profit Versus
Economic Profit
6.2Production
6.2.1 Short Run Versus Long Run

1, 2

1, 2

1, 2

6.2.1 Production in the Short Run:


Marginal Physical Product
(MPP) and Marginal Cost
(MC), Average Productivity
(AP) numerical and
graphical.
6.3 Cost
6.3.1 Cost in the Short Run:
Fixed Cost, Variable Cost,
Total Cost, Average Fixed
Cost, Average variable Cost,
Average Total Cost, Marginal
Cost numerical and
graphical.
6.3.2 Average Marginal Rule
6.3.3 The Tying between
production
6.4Production and Cost in the Long
Run
6.4.1 Long Run Average Total
Cost Curve (LRATC)
6.4.2 Economies, Constant and
Diseconomies of Scales
6.4.3 Shift in Cost Curves
7.0 The Theory of Firm and
Market Structure
7.1 Perfect Competition
7.1.1
The Assumptions
7.1.2
The Demand and
Marginal Revenue Curve
7.1.3
Profit-Maximizing Firm in
the Short Run
7.1.4
Profit-Maximizing Firm in
the Long Run
7.1.5 Long run Industry Supply
Curve

1, 2

7.2 Monopoly
7.2.1
The Assumptions
7.2.2
The Demand and
Marginal Revenue Curve
7.2.3
Profit-Maximizing Firm in
the Short Run
7.2.4
Profit-Maximizing Firm in
the Long Run
7.3 The Differences between Perfect
CompetitiveFirm and Monopoly
(long run)
8.0

Introduction to
6

Macroeconomics
8.1 Macroeconomic Concern

1, 2,3

1, 2,3

1, 2

8.2 The Component of the


Macroeconomy
8.3 History of Macroeconomics
8.4 Macroeconomics Measurements
(Variables)
8.4.1 Prices (Inflation): Definition,
Measuring and the Effects.
8.4.2 Unemployment: Definition,
Measuring, the
Reasons,Types, and the
Effects.
9.0
Measuring National Income
9.1 Gross Domestic Product (GDP)
9.2 Gross National Product (GNP)
9.3 Limitation of GDP Concept
9.4 Net National Product
9.5 Personal Income
9.6 Disposable Income
9.7 National Income Accounting
9.7.1
Expenditure Approach
9.7.2
Income Approach
9.7.3
Production (ValueAdded) Approach
9.3 Real GDP and Nominal GDP

10.0
National Income
Equilibrium and Aggregate
Expenditure (2 and 3 Sectors
Economy)
10.1 Consumption and Saving
Functions
10.2 APC, APS, MPC and MPS
10.3National Income Equilibrium
Table and Graphical Approach
10.3.1Expenditure and Income
Approach
10.3.2Injection and Leakage
Approach
10.4 Changes in National Income
Equilibrium
10.5 Investment Multiplier,
Government Expenditure
Multiplier and Tax Multiplier
11.0 Money and Money Supply

11.1Definition and Function of Money


11.2 Commodity and Fiat Money
11.3 Defining the Money Supply
11.3.1 M1, M2 and M3
(Malaysian case refer Bank
Negara)

1, 2,3

1, 2,3

1, 2

1, 2,3

11.4 How Banks Create Money


- The Modern Banking System
-The creation of Money
-The Money Multiplier

12.0 The Central Bank System


12.1 The Structure and Functions of
Central Bank (Bank Negara
Malaysia)
12.2 Monetary Policy Instrument
(How Central Bank Control the
Money Supply)
12.2.1Quantitative: - Open
Market Operation (OMO),
The Required Reserve
Ratio, The Discount Rate
12.2.2Qualitative: Moral
Persuasion and Required
Margin Rate
13.0
Money Demand and
Interest Rate Equilibrium
13.1 Money Demand
13.1.1Keynesian Motives for
Money Demand
13.2 Interest Rate Equilibrium
13.3 The Effects of Changes in Supply
and Money Demand on
Economy Variables
13.4 Nominal and Real Interest Rates
14.0
Aggregate Demand
and Aggregate Supply
14.1 Aggregate Demand
14.1.1Aggregate Demand (AD)
Curve
14.1.2The Reasons Why AD
Slopes Downward
14.1.3Determinants of
Aggregate Demand
14.2 Aggregate Supply (AS)
14.2.1Short Run AS Curve
14.2.2Shifts in the Short Run AS

Curve
14.2.3Compare the AS Curve
under Classical and
Keynesian
14.3 Macroeconomics Equilibrium
and Policies Changes
14.3.1 Fiscal Policy
14.3.2 Monetary Policy
34

Student Learning &


Assessment

Face to
Face

Online
Learnin
g

Online
Assessme
nt

42

84

SLPA

TLT

42

84

Course Delivery and


Preparation

34

Coursework
50%

3.5

3.5

14..5

21

13

15

3.5

69.5

120

Final

Examination
50%

Total Notional Hours

39

Credit Hours

Main Reference:
Arnold, Roger A. (2016). Principles of Economics, 12th.ed. South-Western Cengage
Learning.
Additional References:
Case, K. E, Fair, R.C & Oster, S.M. (2014). Principles of Economics, 11th. ed., Pearson
Education Limited.
M. Nasser Katib et. al.(2012). Ekonomi, EdisiKetiga, Malaysia: Cengage Learning.
Jamal Ali et. al. (2000). PrinsipEkonomi, Sintok: Penerbit UUM.
Mankiw, N. Gregory. (2009). Principles of Economics, 5th ed., South-Western, Cengage
Learning.
Mankiw, N.G. et al (2013). Principles of Economics Malaysia Edition. 1st Ed. Singapore:
Cengage Learning
9

Parkin, M. (2016). Economics. 12th. Ed. Global Edition. Pearson: Prentice Hall.
Har Wai Mun et. al (2016). Economics. 2nd Ed. Kuala Lumpur: SJ Learning.

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