--- title: 'HUM 277 - Fundamentals of Economics' url: 'https://eee.buet.ac.bd/academics/undergraduate/courses/hum277' markdown: 'https://eee.buet.ac.bd/academics/undergraduate/courses/hum277.md' date: '2026-04-28' description: 'HUM 277 - Fundamentals of Economics Section A: General Information Course Title: Fundamentals of Economics Type of Course: Optional, Theory, Non-departmental Offered to: EEE Pre-requisite Course(s): None Section B: Course Details Course Content (As approved by the Academic Council) Intro…' taxonomy: archives_month: - apr_2026 archives_year: - '2026' --- # HUM 277 - Fundamentals of Economics ## Section A: General Information - **Course Title:** Fundamentals of Economics - **Type of Course:** Optional, Theory, Non-departmental - **Offered to:** EEE - **Pre-requisite Course(s):** None ## Section B: Course Details ### Course Content (As approved by the Academic Council) Introduction to Economics. Economics and engineering. Different economic systems. Fundamental economic problems. Basic elements of demand, supply and product market. Theory of utility and preferences, consumer's surplus. Theory of production and cost. Theory of the firm and market structure. Optimization. Introducing macroeconomics. National income accounting, the simple Keynesian analysis of national income, employment and inflation. Savings, investment and decision making. Fiscal policy and monetary policy; money and interest rate; income and spending. Economics of development and planning. ### Course Objectives To give a clear idea about the fundamental economic problems and provide adequate knowledge for understanding basic economic theories and practices, and their implications in an economy. To provide students an understanding of how modern economies function in the real world and thereby prepare them to use an economist’s lens for evaluating the overall economy of a country. To make students enable to apply their acquired knowledge in different stages of their professional career. ### Knowledge required None ### Course Outcomes | CO No. | CO Statement *Upon completion of the course the students should be able to:* | Corresponding PO(s)\* | Domains and Taxonomy level(s)\*\* | Delivery Method(s) and Activity(-ies) | Assessment Tool(s) | |---|---|---|---|---|---| | CO1 | **understand** the nature of the discipline, economics science, and how it deals with the issues related to scarcity of resources | PO(i) | C2; A1; P1 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | | CO2 | **describe** consumers’ behaviour with reference to utility analysis, market mechanism through interactions between demand and supply analysis, and their elasticities | PO(i) | C2; A1; P1 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | | CO3 | **explain** firms’ behavior with reference to factors of production, determinants of cost, economies and diseconomies of scale of production, conditions for profit maximization and so on | PO(i) | C2; P4 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | | CO4 | **analyse** the performance of firms under different market structures | PO(i) | C2; A3 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | | CO5 | **evaluate** important economic events and statistics, and, more importantly, know what determines them | PO(i) | C2; A4 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | | CO6 | **understand** the core concepts of macroeconomics, e.g., aggregate demand, aggregate supply, national income accounting, circular flow of income and expenditure, savings and investment, inflation, and money | PO(i) | C2; P1 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | | CO7 | **synthesise** the implications of different economic policies like fiscal policy, monetary policy and trade policy with reference to Bangladesh | PO(i), PO(g) | C3, C4, C5; A3; P5 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | | CO8 | **illustrate** the nature of an economic theory and the applicability of economic theories to the problems of developing countries | PO(g), PO (l) | C3; A3, A4; P6 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | | CO9 | **demonstrate** different issues on planning for growth and development of Bangladesh | PO(g), PO(i), PO(k), PO(l) | C5; A4, A5; P7 | Lectures, Homework, Q & A Forums | Written exams; viva voce; presentation; assignment | \* Cognitive Domain Taxonomy Levels: **C1** – Knowledge, **C2** – Comprehension, **C3** – Application, **C4** – Analysis, **C5** – Synthesis, **C6** – Evaluation, **Affective Domain Taxonomy Levels**: **A1**: Receive; **A2:** Respond; **A3:** Value (demonstrate); **A4:** Organize; **A5:** Characterize; **Psychomotor Domain Taxonomy Levels:** **P1:** Perception; **P2**: Set; **P3:** Guided Response; **P4:** Mechanism; **P5:** Complex Overt Response; **P6:** Adaptation; **P7:** Organization Program Outcomes (PO): **PO(a)** Engineering Knowledge, **PO(b)** Problem Analysis, **PO(c)** Design/development Solution, **PO(d)** Investigation, **PO(e)** Modern tool usage, **PO(f)** The Engineer and Society, **PO(g)** Environment and sustainability, **PO(h)** Ethics, **PO(i)** Individual work and team work, **PO(j)**. Communication, **PO(k)** Project management and finance, PO**(l)** Life-long Learning \* For details of program outcome (PO) statements, please see the departmental website or course curriculum ### Mapping of Knowledge Profile, Complex Engineering Problem Solving and Complex Engineering Activities | K1 | K2 | K3 | K4 | K5 | K6 | K7 | K8 | P1 | P2 | P3 | P4 | P5 | P6 | P7 | A1 | A2 | A3 | A4 | A5 | |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| | | | | | | | | | | | | | | | | | | | | | ### Lecture Plan | > **Lecture Number** | > **Lecture Topic** | > **References/Textbook** | > **Corresponding CO(s)** | |---|---|---|---| | > 1-3 | > Definition of Economics. Economics and Engineering. Principles of Economics | > Hubbard, G. & O'Brien, A. P. (2021a) | > **CO1** | | > 4-6 | > microeconomics: consumer behavior, theory of demand and supply and their elasticity | > Hubbard, G. & O'Brien, A. P. (2021a) | > **CO2** | | > 7-9 | > price determination; indifference curve technique | > Hubbard, G. & O'Brien, A. P. (2021a) | > **CO2** | | > 10-12 | > factors of production; marginal analysis and optimization | > Hubbard, G. & O'Brien, A. P. (2021a) | > **CO2** | | > 13-15 | > theory of production; theory of costs | > Hubbard, G. & O'Brien, A. P. (2021a) | > **CO3** | | > 16-18 | > market structure. | > Hubbard, G. & O'Brien, A. P. (2021a) | > **CO4** | | > 19-21 | > internal and external economies and diseconomies | > Hubbard, G. & O'Brien, A. P. (2021a) | > **CO3** | | > 22-24 | > Macroeconomics: national income analysis | > Hubbard, G. & O'Brien, A. P. (2021b) | > **CO5** | | > 25-26 | > aggregate demand and aggregate supply | > Hubbard, G. & O'Brien, A. P. (2021b) | > **CO6** | | > 27-30 | > savings and investment; circular flow of income and expenditure; inflation; money | > Hubbard, G. & O'Brien, A. P. (2021b) | > **CO6** | | > 31-33 | > fiscal policy and monetary policy | > Hubbard, G. & O'Brien, A. P. (2021b) | > **CO7** | | > 34-36 | > money and interest rate; income and spending | > Hubbard, G. & O'Brien, A. P. (2021b) | > **CO8** | | > 37-39 | > economics of development and planning. | > Todaro, M. P. (2020), Handouts will be supplied by the instructor | > **CO9** | | > 40-42 | > economics of development and planning. > > and reviews | > Todaro, M. P. (2020), Handouts will be supplied by the instructor | > **CO9** | ### Assessment Strategy - Class Participation: Class participation and attendance will be recorded in every class. - Continuous Assessment: Continuous assessment any of the activities such as quizzes, assignment, presentation, etc. The scheme of the continuous assessment for the course will be declared on the first day of classes. - Final Examination: A comprehensive term final examination will be held at the end of the Term following the guideline of academic Council. ### Distribution of Marks - Class Participation 10% - Continuous Assessment 20% - Final Examination 70% - Total 100% ### Textbook/References - Hubbard, G. & O'Brien, A. P. (2021a). *Microeconomics*. Pearson. 8th Edition, https://www.pearson.com/en-us/subject-catalog/p/microeconomics/P200000005936?view=educator - Hubbard, G. & O'Brien, A. P. (2021b). *Macroeconomics*. Pearson. 8th Edition, https://www.pearson.com/en-us/subject-catalog/p/macroeconomics/P200000005935/9780136713791. - Todaro, M. P. (2020). *Economic Development*, 13th Edition, https://www.pearson.com/us/higher-education/program/Todaro-Economic-Development-13th-Edition/PGM100003100761.html. - Hubbard, G. & O'Brien, A. P. (2021c). *Economics*. Pearson. 8th Edition, https://www.pearson.com/en-us/subject-catalog/p/economics/P200000005930/9780136713951. - Sloman, J., Garratt, D. and Guest, J. (2018). *Economics*. Pearson. - Salvatore, D. (2008). *Microeconomics: theory and applications*. McGraw-Hill. - Koutsoyiannis, A. (1975). *Modern Microeconomics*. Springer. - Mankiw, N. G. (2007). *Principles of Microeconomics*. - Mankiw, N.G. (2020). *Principles of Macroeconomics*. Cengage Learning. - Dornbusch, R., Fischer, S. and Startz, R. (2011). *Macroeconomics*. McGraw-Hill. - Diulio, E. (1997). *Macroeconomics: theory and problems*. McGraw-Hill. - Sloman, J., Garratt, D. and Guest, J. (2018). *Economics*. Pearson. --- ## Navigation - Parent: [Courses](https://eee.buet.ac.bd/academics/undergraduate/courses.md) - Previous: [HUM 272 - Developing English Skills (Sessional)](https://eee.buet.ac.bd/academics/undergraduate/courses/hum272.md) - Next: [HUM 279 - Financial and Managerial Accounting](https://eee.buet.ac.bd/academics/undergraduate/courses/hum279.md)