ECM1953 Principles of economics
Faculty of Business and Economics
ECM1953 Principles of economics is a level 1, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2022 in Semester 2 at Malaysia. It has no prerequisites.
- Credit points
- 6
- Offered in 2022
- Semester 2
- Malaysia
- Assessment
- Exam 50%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2022 handbook entry. See the 2027 entry.
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Requisites
Before ECM1953
Prohibitions
You can't enrol if you have passed any of these.
- ECW1102Introductory macroeconomicsNo reviews yet
- ECS1101Introductory microeconomicsNo reviews yet
- ECB1101Introductory microeconomicsNo reviews yet
- ECX1200MacroeconomicsNo reviews yet
- ECW1101Introductory microeconomicsNo reviews yet
- ECF1200MacroeconomicsNo reviews yet
- ECB1102Introductory macroeconomicsNo reviews yet
After ECM1953
No unit lists ECM1953 as a prerequisite in the 2022 handbook.
Enrolment rules
You must be enrolled in B2027 to undertake this unit
Overview
This unit explores:
Microeconomics:
scarcity, economic choice, economic systems, demand and supply analysis, elasticity, costs of production and profit-maximisation, perfect competition, monopoly, monopolistic competition and oligopoly, and government policy-implications on market outcomes.
Macroeconomics:
aggregate demand and aggregate supply, the money market and monetary policy, the government budget deficit and fiscal policy, determination of interest rates, inflation rates, unemployment, foreign currency exchange rates, and the balance of payments.
Offerings in 2022
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Malaysia | On campus |
Assessment
- Within semester assessment50%
- Examination50%
Learning outcomes
When you finish this unit, you should be able to:
- 1
apply economic principles to explain and analyse economic decisions
- 2
explain the concepts of demand, supply, market equilibrium and the determination of prices, quantities and profits in various market structures
- 3
analyse the effects of changes in exogenous factors on prices and quantities, market efficiency, and international trade
- 4
explain the concepts and measurement of national income, inflation and unemployment; and analyse how these variables may be affected by government policies and other disturbances, using the concepts of aggregate demand and aggregate supply
- 5
describe the role of financial institutions in an economy and explain the determinants of interest rates and foreign currency exchange rates.
Workload and teaching
- Teaching approachActive learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Required resources
AE Principles of Economics, 9th Edition by N. Gregory Mankiw Cengage
ISBN-13: 9789814915342 | ISBN-10: 9814915343
Copyright 2021 | Published 2020
Contacts
- Chief Examiners
- Dr Lilian Chan
Common questions
What are the prerequisites for ECM1953?
ECM1953 has no prerequisites, but enrolment rules apply.
When is ECM1953 offered?
In 2022, ECM1953 runs in Semester 2 at Malaysia.
How much work is ECM1953?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ECM1953 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 1 other task.