TECO103 Principles of Economics

This unit introduces students to modern economic concepts, models and methods of analysis. The first half of the unit deals with the theories and applications of microeconomics, while the second half is devoted to macroeconomics. The key goals in this unit are to raise students’ knowledge of the economic system, model and theories, enable students to understand and use economic arguments in business decision making, and develop analytical skills. Student will gain an understanding of why institutions are very important in an economy, and how internal and international trade creates economic wealth.