Economics

ABOUT THIS COURSE: This course introduces students to the fundamental principles of economics, beginning with its definition and scope. Key economic concepts such as scarcity, choice, opportunity cost, and resource allocation will be explored to build a strong foundation in the subject.

Students will learn about the tools of economic analysis, including statistical and graphical methods used to study economic trends. The concepts of demand and supply will be examined, focusing on their determinants, laws, and how they influence market prices.

The course also covers production, exploring its meaning, types, and importance in economic activities. The scale of production will be discussed, highlighting small-scale and large-scale production systems and their advantages and disadvantages.

A detailed study of the factors of production will be conducted, covering land, labor, capital, and entrepreneurship. Special emphasis will be placed on labor as a factor of production, examining its characteristics, types, and significance. Capital and entrepreneurship will also be analyzed, emphasizing their roles in economic growth and development.

Students will further explore the division of labor and specialization, learning how these concepts improve efficiency and productivity in various industries. The course concludes with an examination of the basic economic problems faced by society, such as resource allocation, unemployment, inflation, and economic development challenges.