Module: Economics

Academic Year: First Year Teacher: Peter Kwok Semester: semester one Credits: 3 Aim and Objective Economics is the study of how we choose to use scarce productive resources that have alternative uses to produce commodities of various kinds. The aims / objectives of this course are: (1). To enable students to comprehend the the problems facing the citizens and families in terms of economic situations, (2). To help students to understand how the knowledge of economics can help governments in both under-developed and advanced nations promote growth and improve the quality of life while avoiding depression and inflation, (3). To provide students with the best possible understanding of the fascinating patterns of social and economic behaviours, (4). To help the students to understand the issues of inequalities in the distribution of income and opportunity and (5). To prepare students to understand and manage, if required, under the dynamic, complex and challenging economic conditions in the constantly mutating countries and the rapidly changing world. Learning outcomes
By the end of the module, students will have:

Knowledge of different basic economic theories, Knowledge of what real economic situations and problems will be encountered in works and the global situations,

understanding of that economic life is full of random behaviours and uncertain relationships, knowledge of basic concepts in microeconomics, knowledge of basic concepts in macroeconomics, Knowledge of economic role of government and knowledge of economic growth and international trade

Teaching Methods:
A systematic lectures, case - analysis and discussion in class.

Formative and Summative Assessments

Assessment (Tentative): Final examination (40%), Short Test / Mid term examination (20%), Group Presentation (investigation on assigned / self - selected topic)10%, Assignment (10%), Case analysis (10%), Attendance (10%)

No of words for each Assignment will not be less than 1500 words.

Subject content 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Introduction: Ten principles of economics. Supply and demand: How markets work? Elasticity and its application Supply, Demand and Government Policies Supply and Demand II: Markets and Welfare. Application: The cost of taxation Application: International Trade The economics of the public sector Public goods and common resources Cost of taxation The cost of production Firms in competitive markets Monopoly Oligopoly Monopolistic Competition The Markets for the Factors of Production Consumer choices Measuring a nations income
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Measuring the cost of living Production and growth Money system Aggregate Demand and Aggregate Supply Money growth and inflation Short run economicsd fluctuations The Influence of Monetary and Fiscal Policy on Aggregate Demand

Indicative Reading and Text Books: 1 Mankiw, N.G. and Quah, E. and Wilson, P. (2008). Principles of Economics: An Asian Edition, 1st ed. PRC: Cengage Learning Asia. Main Course Text Book Sasmuelson., P.A. and Nordhaus, W.D. (2001). Economics. 17th ed. Boston, Mass. : McGraw-Hill. Stiglitz, Joseph E. (1993). Economics. New York : W.W. Norton Parkin, Michael, (1997). Economics. 3rd ed.
Reading, Mass. : Addison-Wesley

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Miller, R.L. (2006). Economics today. 13th ed. New York: addison Wesley.