Introductory Principles of Economics
Module 1: Exploring the subject matter of Economics What is Economics? Definitions – Importance of Economics for Engineers – Schools of thought The Economic Problem – Scarcity and Choice – Resource allocation – the question of What to produce, How to Produce and How to Distribute Output – its nature and Importance in developing countries – Economic Systems – Basics of Capitalism, Socialism, Mixed Economy, Market Economy and Third World Economies. Is Economics a Science? Distinction between Micro and Macro Economics.
