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Lecture Business economics - Lecture 1: Introduction to Business

In old days people used the word “oikonomos” for the management of house affairs. Development of civilization extended oikonomos to frontiers of the country and resulted it in becoming “political economy”, which dealt with various economic affairs of the country. The following will be discussed in this chapter: Introduction to economics/definitions, ten principles of economics, why manager needs to study economics. | Lecture 1 Introduction to Business economics - I Instructor: Prof.Dr.Qaisar Abbas Course code: ECO 400 Introduction Course instructor: Prof. Dr.Qaisar Abbas Course title: Business economics Credit hours: 3 (3,0) Course code: ECO400 Course Objective Understanding of micro and macroeconomics concepts Business applications of economics Introduction Course Outline Introduction to Business economics Market forces of supply and demand Elasticity The theory of consumer choice The Costs of Production Firms in Competitive Markets Monopoly Monopolistic Competition Introduction Measuring a Nation’s Income Production and Growth Saving investment and financial system Unemployment Unemployment and Inflation Money and Inflation Open economy Aggregate demand and aggregate supply Poverty Economy of Pakistan Introduction Core texts Principles of economics, N. Gregory Mankiw Additional reading Managerial economics and business strategy, Michael.R.Baye Assessment Method 4 Quizzes 10% 4 Assignment 15% 1st | Lecture 1 Introduction to Business economics - I Instructor: Prof.Dr.Qaisar Abbas Course code: ECO 400 Introduction Course instructor: Prof. Dr.Qaisar Abbas Course title: Business economics Credit hours: 3 (3,0) Course code: ECO400 Course Objective Understanding of micro and macroeconomics concepts Business applications of economics Introduction Course Outline Introduction to Business economics Market forces of supply and demand Elasticity The theory of consumer choice The Costs of Production Firms in Competitive Markets Monopoly Monopolistic Competition Introduction Measuring a Nation’s Income Production and Growth Saving investment and financial system Unemployment Unemployment and Inflation Money and Inflation Open economy Aggregate demand and aggregate supply Poverty Economy of Pakistan Introduction Core texts Principles of economics, N. Gregory Mankiw Additional reading Managerial economics and business strategy, Michael.R.Baye Assessment Method 4 Quizzes 10% 4 Assignment 15% 1st sessional 10% 2nd sessional 15% Final Exam 50% Lecture Outline Introduction to Economics/ definitions Ten principles of economics Why Manager needs to Study economics Introduction Evolution of Economics In old days people used the word “ oikonomos” for the management of house affairs. Development of civilization extended oikonomos to frontiers of the country and resulted it in becoming “political economy”, which dealt with various economic affairs of the country. 1770 industrial revolution gave rise to problems like housing, transport, unemployment which extended political economy to “economics”. Definitions of economics The definition of economics evolved through three stages. Definition of the Classical school of thought led by Adam Smith Definition of the Neo Classical school of thought led by Alfred Marshall Definition of the Modern school of thought led by Lionel Robbins Introduction Definition of the Classical school of thought led by Adam Smith In 1776 Adam Smith defined .