Micro- and Macroeconomics
Course code
old course code
Course title in Estonian
Mikro- ja makroökonoomika
Course title in English
Micro- and Macroeconomics
ECTS credits
Assessment form
lecturer of 2023/2024 Autumn semester
Not opened for teaching. Click the study programme link below to see the nominal division schedule.
lecturer of 2023/2024 Spring semester
Not opened for teaching. Click the study programme link below to see the nominal division schedule.
Course aims
Students will understand basic economic principles in order to pursue their interests as consumers and producers in domestic and global economies. They will demonstrate competency by applying economic reasoning to individual, business, and government practices.
Brief description of the course
Microeconomics examines the economic theory related to the operation of business firms, including supply, demand, elasticity, price determination, production function and production costs, perfect and imperfect competition, resource markets, uncertainty and information. Topics include determining economic problems, the way consumers and businesses make decisions, the way markets work and how they fail, and the way government action affects markets (public choice). Macroeconomics studies the economy as a whole, examining the flows of resources and outputs and the factors determining the level of income and prices. Government role, tax, governments fiscal and monetary policies, money market, IS - LM model, total equilibrium, problem of price stability, inflation, unemployment, economic growth, business cycles and open economy (payment balance, exchange rate) are explored.
Learning outcomes in the course
Upon completing the course the student:
The student: - knows the main conceptions of up to date micro and macro economics;- understands the structure of simpler economical models - knows how to apply theoretical conceptions to real life situations - is able to solve economical problems using simpler mathematical methods - is able to apply theoretical economical conceptions in other courses of economy

lektor Katrin Pihor
Prerequisite course 1