HS 101 Economics

Course Instructor :

Prof. Spatarshi Prosonno Ghosh, Prof. Surajit Bhattacharyya

Course Name:Economics

Course Type:Core(Theory)

Credits:6

Pre-requisites: None, this is an introductory level course in Economics

Course Content: Microeconomics-

Ten Principles of Economics, Market Supply and Demand, Elasticity, Government Policies (Taxes, Price Ceilings and Floors), Market Equilibrium, Costs of Production, Firms in Competitive Markets, Monopoly, Oligopoly, Efficiency of Markets, Theory of Consumer Choice

Macroeconomics-
National Economies, Inflation, Unemployment, The Great Depression, Keynesian Macroeconomics, Aggregate Demand and Supply, National Income, GDP, GNP, National Income Accounting Equation, The Multiplier Model, Multipliers (Investment, G, Tax), Money and Banking, Money Multiplier, Consumption Function, Absolute Income Hypothesis (AIH), Life Cycle Hypothesis (LCH)

Books: Principles of Microeconomics, by N. Gregory Mankiw

Principles of Macroeconomics, by N. Gregory Mankiw
Principles of Economics, by N. Gregory Mankiw

Lectures:Lectures took place in LA for both the half semesters, along with other branch students (including Electrical, Aerospace etc)

1st half (Microeconomics) by Prof Ghosh-
Slides were used for teaching purposes, and shared on Moodle. Most of the content was directly from the Mankiw books. 80% attendance was compulsory. The prof was very polite and approachable and the teaching was pretty good.

2nd half (Macroeconomics) by Prof Bhattacharyya-
Teaching in class was mainly through discussion and black board, but sometimes slides were used. Every week, slides were uploaded on Moodle. No attendance was compulsory. The prof was pretty strict, and equally over-enthusiastic regarding teaching.

Online resources:

The reference books were more than sufficient for this course

Follow-Up Courses:If you develop an interest in Economics via this course, you can pursue any course offered by the Department of Economics.

Assignments: Assignments or tutorials were not a part of this course

Exams and Grading:There were 2 quizzes, one Midsem (covering Microeconomics) and one Endsem (covering Macroeconomics). The difficulty level was not high. the quizzes were totally objective. The Midsem was subjective. The Endsem was mostly MCQs and True-False (with negative marking) too, with just 2-3 long subjective questions.

Pro-tips:There's no point to study this subject regularly. Just attending the classes is more than enough, in that regard. I would advise to just spend the last week before the exam to comprehensively go through all the material. That would ensure a pretty decent score.

Respondent: Shreyas Chandgothia