The course is preliminary and consists of two parts, microeconomics and macroeconomics.  The first part, microeconomics, introduces students to how economists perceive the world and explains how economists use models to tackle economic problems.  It covers the fundamental concepts of supply and demand, market equilibrium and elasticity.  It also discusses some basic market structures, such as perfect competition and monopoly.  The second part, macroeconomics, introduces students to the fundamental concepts of Gross Domestic Product (GDP), inflation and unemployment.  It discusses the mechanics of long-term growth and business cycles, as well as the importance of fiscal and monetary policy.  It also explains the costs of inflation.

After the successful completion of the course a student will be able to comprehend:

• The basic parameters that determine market equilibrium (level 2).
• The differences between various market structures (level 2).
• The basic parameters that determine economic prosperity at a country level (level 2).
• The effects of fiscal and monetary policy (level 2).