PRINCIPLES OF ECONOMICS

This course introduces international business students to the fundamental concepts of economics, with a focus on both microeconomic and macroeconomic principles that influence global trade, business strategies, and economic decision-making. Students will explore how economic forces shape business operations, international markets, and global supply chains. The course will emphasize the interconnectivity of global economies, international trade policies, exchange rates, and the role of multinational corporations (MNCs). Students will also examine how different economic systems impact business environments and international business strategies.

By the end of this course, students will be able to: -Understand the basic economic way of thinking (trade-offs, incentives, opportunity cost). -Explain how supply and demand determine market prices and quantities. -Analyze consumer and producer behavior using simple economic models. -Understand market efficiency and the role of government in correcting market failures. -Explain key macroeconomic concepts such as GDP, inflation, unemployment, and economic growth. -Describe how monetary and fiscal policies influence the economy. -Apply economic reasoning to real-world issues such as taxation, trade, inflation, and public policy. -Develop critical thinking and problem-solving skills using economic logic

Class Rules and Expectations Attendance: Regular attendance is expected. Active participation improves understanding. Preparation: Students should complete assigned readings before class. Participation: Respectful discussion is encouraged. Questions are welcome. Academic Integrity: Cheating, plagiarism, or dishonesty will not be tolerated. Respect: All students must respect classmates and the instructor. Assignments: Homework and assessments must be submitted on time. Devices: Electronic devices should be used only for learning purposes during class.

No prior knowledge of economics is required. Students should have: Basic arithmetic skills (percentages, graphs, simple algebra) Willingness to read, think critically, and discuss ideas Curiosity about how the world works

This course helps students: Make better personal financial decisions (saving, spending, taxes) Understand prices, wages, and interest rates Interpret economic news and government policies Analyze real-world issues such as inflation, unemployment, and trade Prepare for further study in economics, business, finance, or public policy Develop logical thinking useful in law, politics, entrepreneurship, and everyday life