- study of human choice in the conditions of the deep interdependency of people; and the most part of economics is about interactions of people under the regime of market capitalism. The first part includes demand and supply analysis, consumer behavior conceptions, costs taxonomy and supply functions, firm behavior under various market organizations such as perfect competition, oligopoly, monopolistic competition, and monopoly. In addition, the micro- part includes policy-related topics such as externalities, public goods and asymmetric information. The second part includes topics of economic growth and business cycles, unemployment and inflation, monetary and fiscal policies, exchange rates and international trade.
- Applies received knowledge and understanding of economic theory for evaluation of different types of economic policy dealing with the real economic problems.
- Demonstrates and in-depth knowledge and critical understanding fundamentals of economic theory in its main parts of micro- and macroeconomics.
- Recognizes the reciprocal relationship between economic theory and empirical evidence
- Utilizes received skills to solve the numerical exercises based on the famous models from both micro- and macroeconomics like the demand and supply model, the Keynesian cross model, etc.
- Different economic systems
- Demand and supply analysis
- Market equilibrium and market disequilibrium
- Market failures and microeconomic policy of the government
- Consumer behavior
- Costs and production
- Firms under perfect competition
- Firms under imperfect competition
- Economic growth
- GDP and other macroeconomic indicators
- Determination of GDP: the AD-AS model
- Business cycles
- Unemployment and inflation
- The Keynesian cross model and fiscal policy
- Money, banking and monetary policy
- Open-economy macroeconomics
- In-class Participation
- Test 1Tests contain problems to be solved in 75 minutes. These problems are based on the class materials for each topic. The grade for each problem is calculated as a number of points obtained for answers
- Test 2Tests contain problems to be solved in 75 minutes. These problems are based on the class materials for each topic. The grade for each problem is calculated as a number of points obtained for answers
- ExamThe exam adds the last 40% to the overall grade. The exam lasts 1 hour 20 minutes and include open questions, and quantitative problems.
- 2021/2022 4th module0.2 * Test 1 + 0.4 * Exam + 0.2 * In-class Participation + 0.2 * Test 2
- I. Gilboa, A. Postlewaite, L. Samuelson, & D. Schmeidler. (2015). Economic Models as Analogies. VOPROSY ECONOMIKI. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.nos.voprec.2015.04.6
- Paul L. Heyne, Peter J. Boettke, & David L. Prychitko. (2013). The Economic Way of Thinking: Pearson New International Edition. Pearson.