COURSE OBJECTIVES

At the end of this course students will be able to:

1.       Understand the fundamental concepts and regulations in a market economy

2.       Apply economic reasoning to decision making

3.       Understand the macroeconomic variables that govern the economy

4.       Identify, organize and analyze relevant economic information in a critic and systematic way

CONTENT

The syllabus of Introduction to Economics aims to introduce the students to the fundamentals of economic analysis, distinguishing between microeconomics and macroeconomics.

I.    Microeconomics

1.1. Scarcity, work and choice

1.2. Social interaction and inequality

1.3. The firm: owners, managers and employees

1.4. The firm and its customers

1.5. Supply and Demand: price taking and competitive markets

1.6. Markets, efficiency and public policy

1.7. The labour market: wages, profits and unemployment

II.     Macroeconomics

2.1. Banks, money and the credit market

2.2. Economic fluctuations and unemployment

2.3. Unemployment and fiscal policy

2.4. Inflation, unemployment and monetary policy

2.5. Technological progress and living standards in the long run