Foundation in Economics

Topics: Supply and demand, Economics, Planned economy Pages: 30 (7800 words) Published: June 12, 2013
Foundation Course

Economics
OUfc008

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Open University of Mauritius - Foundation Course in Economics - Module 1

FOUNDATION COURSE IN ECONOMICS

Module 1 OUfc 008

April 2013
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Open University of Mauritius - Foundation Course in Economics - Module 1

ACKNOWLEDGEMENTS
Course Author : Vinod Seegoolam Course Reviewer : Dr Chong Wang Cheong Ah Tow

OPEN UNIVERSITY STAFF
Course Supervisor : Perienen Appavoo (Open School Division) Project Coordinator : Premanand Koonjal (Open School Division)

Copyright : Open University of Mauritius, 2013 All rights reserved. No part of this course may be reproduced in any form by any means without prior permission in writing from: Open University of Mauritius Réduit, Republic of Mauritius Fax: (230) 464 8854 Tel: (230) 403 8200 Email : openuniversity@open.ac.mu

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Open University of Mauritius - Foundation Course in Economics - Module 1

Programme Overview
The growing complexity of economic condition in the work place requires a basic undestanding of economic concepts. This Foundation course in Economics is divided into 2 modules and each awards four credits. Module 1 covers one semester( 3 months) and 80 hours of study time comprising 4 units. Students are advised to spend 20 hours on each unit. Duration of the course is one year minimum and a maximum of two years. Assessment will be based on written examination of 2 hours duration and Tutor marked assessment will carry 30% of the total marks and the final examination is 70% of the total marks. Students will be supported by tutorials. Integrated video programmes will also be provided to explain key concepts.

Module Overview
Module 1 covers 4 units and after completion of these units, students will be able to undestand the basic economic problems of scarcity choice and opportunity cost, the production possibility curves and the different allocative mechanism, the concept of Demand and Supply and Elasticity of Demand, Government intervention in the Market and the Cost and Benefit Analysis amd finally the theory of Firms and the Production Functions.

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Open University of Mauritius - Foundation Course in Economics - Module 1

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Table of Contents
Unit 1 Unit 2 Unit 3 Unit 4 - Basic Economic Ideas - The Price System - Government Intervention in the Prices System - Firms and The Production Function 1 19 39 53

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Open University of Mauritius - Foundation Course in Economics - Module 1

SELF STUDY GUIDE
COURSE TITLE MODULE COURSE DURATION TOTAL STUDY TIME Foundation Course in Economics 1 One semester (3 months) 80 hours (The course carries 8 credits for Modules I and II and students are advised to spend 20 hours of study on each unit). COURSE OVERVIEW : The growing complexity of economic conditions in the works requires a basic understanding of economic concepts. The course gives an overview of the main economic concepts both at micro and macro levels. COURSE OBJECTIVES : Upon completion of the course, learners will be able to understand : Basic Economic problems of scarcity, choice and opportunity cost The Production Possibility Curve and the different allocative mechanism The concepts of Demand and Supply and Elasticity of Demand Government intervention in the market and Cost Benefit Analysis Firm and the production functions COURSE OUTLINE UNITS TITLES 1 2 3 4 Basic Economic Ideas The Price System Government Intervention in the Price System Firms and the Production Function : Module I covers 4 units STUDY TIME 20 hours 20 hours 20 hours 20 hours : : : :

COURSE DELIVERY

: Written materials Video programmes Tutorials (optional) ASSESSMENT MODE : Self-Marked Assessment Tutor Marked Assessment End of Course Examination EVALUATION SCHEME : The Tutor- Marked Assessment will carry 30% and the final examination 70% of the total marks. v

Open University of Mauritius - Foundation Course in Economics - Module 1

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GLOSSARY

PPC PED YED XED PES AFC TFC TVC AVC TC MC AC CBA PC ATC...
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