Brief description of the course
Basics of economics. Relations dominating in economy. Market mechanism: demand and supply. Economic role of government. The public sector and its size. Public goods, private goods and their intermediaries. When should the government intervene in the economy? The main concepts of macroeconomics. Measuring national product. Business cycle. Labour market. Inflation. Functions of central bank. Estonian monetary system and monetary policy. Essence of public finance and its functions. Budget revenues and expenditure. Taxation. Estonian fiscal policy. Basics of economic policy. Economic reforms in Estonia. Competitiveness. Economic growth.
Learning outcomes in the course
Upon completing the course the student:
- has basic knowledge of the main economic processes in society.