This course is designed as an introduction to economics in both microeconomic and macroeconomic dimensions. It begins with an introduction to the study of economics and the underlying worldviews that set the conventional and Islamic economics apart. Further, the participants will be exposed to the principles and theories of economics and their functioning in a modern market economy. This includes the fundamentals of microeconomic analysis of basics of supply and demand, the behavior of consumers and businesses, and how markets operate as well as the macroeconomic concepts of economic stability, national production, employment, inflation and income distribution. The roles of government in the economy through both monetary and fiscal policies to address microeconomic market failures and macroeconomic goals will also be examined. Throughout the course as well, the Islamic perspective of the basic concepts will be discussed where relevant.
