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INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA COURSE OUTLINE Kulliyyah Economics & Management Sciences Department Economics Programme Executive Bachelor of Business Management (EBBM) Name of Course / Mode Course Code Principles of Microeconomics ECON 1510 Name: Dr. Mohd Nizam Barom Name (s) of Academic staff / Email: [email protected] Phone: 03-6196 4623 Instructor(s) Rationale for the inclusion of the course / module in the Foundation course for all programmes in the Kulliyyah programme Semester and Year Offered Semester I and Semester II Status Core Level 1 Proposed Start Date Semester 1, 2014/2015 Batch of Student to be Affected Semester I and II Total Student Learning Time (SLT) 39.0 Credit Value / Hours 3 Pre-requisites (if any) NIL Assessments Lecture Total Guided and Independent Learning 5.0 Total Guided and Independent Learning Total hours = 124.50 1 Co-requisites (if any) Course Objectives Learning Outcomes Transferable Skills: Teaching-Learning and assessment strategy NIL The objectives of this course are to: 1. To provide fundamental knowledge of the principles that are the basis of solving the economics problems of the society. 2. To provide an elementary analysis of the role of market, government and Islamic ethics in solving basic economic problems. Upon completion of this course, students should be able to: 1. explain the basic concepts and theories of microeconomics 2. demonstrate the economic way of thinking required in reasoning the real world issues by applying the principles learned in the course 3. demonstrate the basic skills required to pursue further courses in economics or business. 4. distinguish between Islamic economic principleS and conventional economic principles. This course mainly depends on face-to-face teaching and assignment on problem solving. In each topic, current economic issues will be highlighted and linked to the theory. Direct instruction, group discussion, take-home assignments, tests Course Synopsis Mode of Delivery Assessment Methods and Type / Course Assessement State weightage of each type of assessment. This course is designed for the first year students of the Kulliyah of Economics and Management Sciences. As such, its goal is to provide fundamental knowledge of the principles governing the behavior of economic agents and their application in the analysis of economic issues and solving problems. LO 1,2,3,4 1, 2,3, 4 1, 2,3, 4 Method Quiz/Assignment Mid-Term Exam Final Exam % 25 25 50 Mapping of the course / module to the programme aims 2 Mapping of course / module to the Programme Learning Outcomes Programme Outcomes Learning Outcomes of the Course No. O1 1. 2. 3. 4. Explain the basic concepts and theories of microeconomics Demonstrate the economic way of thinking required in reasoning the real world issues by applying the principles learned in the course Demonstrate the basic skills required to pursue further courses in economics or business. Distinguish between Islamic economic principles and conventional economic principles. √ O2 O3 O4 √ √ √ √ √ √ O5 06 07 08 √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 09 √ Content outline of the course / module and the SLT per topic Date 25/1 W ee k 1 1 Topics 1. Limits, Alternative and Choices The Economic Perspective Theories, Principles and Models Microeconomics and Macroeconomics Individuals’ Economizing Problem Society’s Economizing Problem Production Possibilities Model Unemployment, Growth and the Future Appendix: graphs and their meanings * 2. The Economic Systems Economic System Characteristics of the Market System Five Fundamental Questions The Invisible Hand The demise of the command system The Mixed System The Islamic System The Circular Flow Model Learning Hours 12 6 Task/Reading McConnel, Brue and Flynn: Chap 1 McConnel, Brue and Flynn: Chap 2 Article on Islamic Economic System 3 8/2 2 3 3. Demand, Supply and Market Equilibrium Demand o Law of demand, the demand curve, individual and market demand curve, determinants of demand, change in demand and changes in quantity demanded. Supply o Law of supply, the supply curve, determinants of supply, changes in supply, changes in quantity supplied. Market Equilibrium o Surpluses, shortages, equilibrium price and quantity, rationing function of prices, changes in supply, demand and equilibrium. Application: Government – Set Prices 7 McConnel, Brue and Flynn: Chap 3 4. Elasticity 22/2 8/3 Price Elasticity of Demand o Coefficient and Formula/Interpretations o The Total Revenue Test o Price Elasticity and Total Revenue o Determinants of Price Elasticity of Demand o Applications Price Elasticity of Supply o The Market Period/Short Run/Long Run o Applications Cross and Income Elasticity of Demand The Burden of Taxes 4 5. 4 6. Consumer Behaviour Law of Diminishing Marginal Utility Theory of Consumer Behavior Utility Maximization and the Demand Curve Applications and Extensions Appendix: Indifference Curve Analysis Businesses and the Costs of Production Economic Costs Short-Run Production Relationships Short-Run Production Costs Long-Run Production Costs Applications and Illustrations 7 McConnel, Brue and Flynn: Chap 4 Bade & Parkin, pp. 158-161 7 McConnel, Brue and Flynn: Chap 9 6 McConnel, Brue and Flynn: Chap 10 4 22/3 5/4 5 5 6 7. Pure Competition in the Short Run Four Market Models Pure Competitions: Characteristics and Occurrence Demand as Seen by a Purely Competitive Seller Profit Maximization in the Short-Run Marginal Cost and Short Run Supply 6 8. Pure Competition in the Long Run The Long Run in Pure Competition Pure Competition and Efficiency Technological Advance and Competition 19/4 9. Pure Monopoly Introduction Barriers to Entry Monopoly Demand 7 Output and Price Determination Economic Effects of Monopoly Price Discrimination Regulated Monopoly 7 7 Coverage: Week 1-4 Revision and Mid-Semester Examination 10. Monopolistic Competition Characteristics and Occurrence Price and Output Determination Monopolistic Competition and Economic Efficiency Product Variety 11. Oligopoly Characteristics and Occurrence A Game Theory Overview Three Oligopoly Models Oligopoly and Advertising Oligopoly and Efficiency 6.5 McConnel, Brue and Flynn: Chap 11 6 McConnel, Brue and Flynn: Chap 12 6 McConnel, Brue and Flynn: Chap. 13 McConnel, Brue and Flynn: Chap 14 3 McConnel, Brue and Flynn: Chap 14 3 5 3/5 8 12. Market Failures: Public Goods and Externalities Market Failures in Competitive Markets Efficiently Functioning Markets o Consumer Surplus, Producer Surplus, Efficiency Revisited, Efficiency Losses Public Goods o Private and Public Goods Characteristics o Demand for Public Goods o Comparing MB and MC o Quasi-Public Goods Government’s Role in the Economy Quiz/Assignment Mid-term Final exam McConnel, Brue and Flynn: Chap 5 7 15 10.5 17.5 Main references supporting the course Required 1. McConnel C.R., S.L. Brue and S.M. Flynn: (2012), Economics, McGraw Hill: Boston, 19th Edition. 2. Mohamed Aslam Haneef, A.H.M Sadeq, Wan Sulaiman Wan Yusoff and Ataul Huq Pramanik (not published), Principles of Microeconomics from An Islamic Perspective, Department of Economics, IIUM. Available at the Ibn Tamiyyah Resource Centre, KENMS 3. Zubair Hasan (2006), Principles of Microeconomics: An Islamic Perspective, Prentice Hall: Kuala Lumpur Additional references supporting the course Recommended 1. Zubair Hasan and Habibah Lehar (2011), Fundamentals of Microeconomics, Oxford Fajar: Kuala Lumpur 2. Mankiw N.G., Goh Soo Khoon, Yen Siew Hwa, Muszafarshah Mohd. Mustafa and Ong Hway Boon (2011), Principles of Microeconomics: Malaysian Edition, Cengage Learning: Singapore 3. Nur Huda A.W. et al (2011), Economic Theory in the Malaysian Context, Cengage Learning: Singapore Prepared by: Checked by: Approved by: Dr. Mohd Nizam Barom Department of Economics Kulliyyah of Economics & Management Sciences Prof. Dr. Norma Md. Saad Head, Department of Economics Kulliyyah of Economics & Management Sciences Prof. Dr. Nik Nazli Nik Ahmad Dean Kulliyyah of Economics & Management Sciences 6 At the end of the programme, Students are able to: Demonstrate an understanding of economic knowledge both from 1. conventional and Islamic perspectives and awareness of contemporary development of the discipline. 2. Utilize quantitative and qualitative techniques and creative thinking to solve economic problems. Cooperate with others in providing solution to problem faced in 3. socially responsible manner for the progress of the nation and the ummah. Knowledge Practical Skills Social skills and Responsibilities Demonstrate behavior consistent with professional ethics and Islamic values. Value, Attitudes, Professionalism 5. Demonstrate effective communication skills with mutual respect. Communication 4. 6. Develop, implement and evaluate basic strategies and action plan. Recognize the importance of continuing professional development 7. and changes in economics. 8. Be creative and innovative in managerial and entrepreneurial endeavors. 9. Demonstrate effective leadership skills imbued with Islamic value. Problem Solving and Scientific Skill Information Management and Lifelong Learning Managerial and Entrepreneurial Leadership and Team Skills 7