Introduction to Economics covers both microeconomics and macroeconomics, divided into three modules. Students are expected to understand core microeconomic concepts such as rational behavior, opportunity cost, supply and demand, elasticity, production and cost functions, and firm behavior in various market structures (perfect competition, monopoly, monopolistic competition, oligopoly). It also includes market failures and government intervention through externalities, taxes, and subsidies. The macroeconomic section focuses on national income accounting, unemployment, inflation, short-run economic fluctuations, fiscal and monetary policy, and the basics of open economy and exchange rates.
