Introduction to Economics

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This is a course I designed and teach for bachelor level students at International Business Engineering (IBE) program at Universitas Kristen Petra, 2$^{nd}$ semester of 2020/2021. I use Essentials of Economics1 (Krugman and Wells, 2016) as my guide. The book is chosen because it mainly includes many global business examples and very easy to follow for business students but also for non-economics programs in general. Some examples used in this course may be tailored a bit on Indonesian context.

Some additional resources include Introduction of Economic Analysis by McAfee and Lewis2 (2009) and various journal articles and news articles.

About this course

This course teaches the basic principle of economics. It is designed to provide non-economics student about how economists make decisions under scarcity. Covered are essential principles such as the consumer and firm problem, market and its failure, and basic strategic thinking. We also explore the macro perspective of economics and see how governments make decisions.

Learning outcomes

  1. To understand the principle of economics: the consumer, the producer, and the market.
  2. To understand market failure, where perfect market principles may not work.
  3. To understand the framework of macroeconomics.
  4. To understand reasoning behind macroeconomic policies.

Prior knowledge

  1. Any high school graduates should be able to follow this course easily.
  2. No math is needed, but some ability to read graphs should be useful.
  3. A plus if you understand basic calculus and statistics.

Questions, critics and suggestions

please let me know thru e-mail or mention me on twitter.


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  1. Krugman, P. R., & Wells, R. (2016). Essentials of economics (Fourth ed.). New York, NY: Worth Publishers, Macmillan Learning. ↩︎

  2. McAfee, P. & Lewis, T. (2009) Introduction to Economic Analysis. Saylor Foundation. ↩︎