- Students are able to understand and apply the basic principles of economic choice.
- Students are able to determine and visualize supply and demand in competitive markets.
- Students are able to determine and compare short-run and long-run aggregate outcomes (equilibrium price, consumer surplus, producer surplus) under perfect competition and monopoly.
- Students are able to analyze behavior of firms in duopoly by means of simple game-theoretic models.
- Students are able to analyze the effect of externalities on aggregate outcomes (prices, consumer surplus, producer surplus).
- Students are able to evaluate the consequence of various types of government interventions (e.g. taxes, subsidies) for the well-being of economic agents.
- Students are able to explain and use essential macroeconomic variables such as unemployment, inflation, economic growth, and GDP, and the relationship between them.
- Students are able to describe different types of economic crises and analyze their consequences.
The course is an introduction to economics and covers basics of micro-economics and of macro-economics. Students will become familiar with fundamental concepts such as trade-offs, marginal analysis, supply and demand, market equilibrium, efficiency, and elasticity. They are introduced to different market structures (perfect competition, monopoly and oligopoly), to market failures (externalities) and to the effect of government intervention (taxes, maximum prices). They learn to understand the relevance of macro-economic concepts as inflation, unemployment, and economic growth.
- Classic tutorials
- Classroom experiments