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Principles of Economics

Course Description: This course includes the study of economics, its definition, and policies, as well as familiarization with important related terminology. It also covers the definition of the economic problem, the study and definition of value theory by analyzing supply and demand, market tools, consumer equilibrium, and producer equilibrium. Furthermore, it includes the equilibrium of firms in a perfectly competitive market. Additionally, it covers the foundations of macroeconomic theory in analyzing and studying gross domestic product, how to achieve equilibrium between aggregate supply and aggregate demand, and treating unemployment and inflation using economic policies, along with the study of money, banking, and international economics.

Credits: 2

Objectives of the course :

Defining basic economic concepts and understanding the foundations of microeconomic and macroeconomic theory.
ii. Introduction to Value Theory by analyzing supply and demand, equilibrium, and their impact on consumer and producer behavior analysis.
iii. Define project balance in different markets.
iv. Knowledge of macroeconomic variables (GDP - inflation - unemployment - balance of payments - money - banks).
v. Understanding macroeconomic policies stimulating economic growth (Saudi Vision 2030).
vi. Identifying macroeconomic issues and their impact on achieving sustainable economic development.

Course outputs :

1.1 Recognizes microeconomic and macroeconomic concepts and variables, the theory of value and market tools analysis, and macroeconomic variables and achieving equilibrium between aggregate supply and aggregate demand.
1.2 Analyzes and explains supply and demand, determining equilibrium conditions in cases of subsidies and taxes, and price changes, consumer behavior, and the behavior of economic units in various market structures, as well as macroeconomic phenomena such as inflation and unemployment, and how economic policies can be used to address them.
1.3. Uses laws in calculating production costs and applications of the law of diminishing returns and short-run production theory. It also applies the laws and rules related to microeconomic theory in various markets and achieving market equilibrium. Similarly, it applies theories, laws, and rules related to macroeconomics and the role of economic policies in the national economy.

Additional information:

Last updated: 2026-06-14