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MSM 502. Foundations of Economics. (3).
This course provides the groundwork for a general understanding of economics. It deals with both aspects of the study or economics (Micro and Macroeconomics). Microeconomics explains economic decision making by the individual economic agents, and Macroeconomics describes the working of an economic system and its behavior as a whole. In order to help students to get a better grasp of the pertinent discussions and follow them in a systematic order, the course is divided into five segments. 1) Introduction to Economics; 2) Market, Its Concept and working, Comparative Statics, Market Failure and Discussion of Efficiency; 3) Product & Factor Markets and Their Structure; 4) Macroeconomic Measurement, Models and Fiscal Policy; 5) Money, Banking and Monetary Policy.