About Introduction to Economics
This course provides a general introduction to economics combining elements of micro and macro fundamentals. The first part of the course focuses on partial equilibrium aspects of theories of consumer behaviour, producer behaviour as well as on the arrangements and implications of different market structures. It will also cover the neoclassical theory of product and/or service pricing for perfectly competitive, monopolistic, oligopoly, and monopoly market structures. In addition, topics covered will include factor market pricing, general equilibrium analysis and distortions which relate to asymmetric information and moral hazard problems. The second part will discuss elements of macroeconomics that revolve around issues of measurement of aggregate economic activities, unemployment, and inflation. Emphasis will also be given to sources, consequences and policy responses to economic fluctuations. In the first part the course commences by highlighting the underlying assumptions behind each theory followed by in-depth analyses of the decisions of economic units subject to resource constraints in an effort to realize their respective objectives assuming the prevalence of market clearing situation. Finally, students will be able to contextualize the key analytical instruments with stylized facts from the Ethiopian economy.