INTRODUCTION TO ECONOMICS

The purpose of the course is to illustrate the way in which economists view, think, and analyse the world. The course provides an introduction to a broad range of economic concepts, theories and analytical techniques. It considers both Microeconomics - the analysis of choices made by individual decision-making units (households and firms) - and Macroeconomics - the analysis of the economy as a whole. The use of a market, supply and demand, model will be the fundamental model in which trade-offs and choices will be considered through comparison of costs and benefits of actions.

On successful completion of this course, students will be able to:
1. Describe and explain how microeconomic models can be used to consider fundamental economic choices of households and firms.
2. Describe and explain how macroeconomic models can be used to analyse the economy as a whole.
3. Describe and explain how both the government policies and the market structure influence microeconomic choices and macroeconomic outcomes.
4. Interpret and use economic models to analyse economic situations.

Some basic knowledge of graphical representations and secondary-school level Mathematics.

PART 1: MICROECONOMICS
1. Supply and demand
2. Consumer and producer surplus
3. Elasticity
4. Price controls and quotas
5. Taxes
6. International trade
7. Inputs and costs
8. Perfect competition
9. Monopoly
10. Oligopoly
11. Externalities
12. Public goods and common resources
13. Uncertainty, risk, and private information

PART 2: MACROECONOMICS
1. Measuring the national output and national income
2. Unemployment, inflation, and long-run growth
3. Aggregate expenditure and equilibrium output
4. Fiscal policy
5. Money supply
6. Money demand and the equilibrium interest rate
7. Equilibrium in both the goods and money markets

1. Economics by Paul Krugman and Robin Wells. McMillan Publisher.
2. Principle of Economics by Karl E. Case, Ray C. Fair, and Sharon E. Oster. Pearson Publisher.
3. OpenStax Economics, Principles of Economics. OpenStax CNX. May 18, 2016. http://cnx.org/contents/69619d2b-68f0-44b0-b074-a9b2bf90b2c6@11.330

The examination will take the form of a final written exam covering the entire course topics (100% of final mark).

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Teaching will be supported by lectures in the subjects of the course. The purpose of the lectures is to give an overview of the curriculum and to facilitate its understanding. The language of instruction will be English.