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 unperfected competition, resource markets, uncertainty and information. Determining economic problems. The way a consumer and businesses make decisions. The way markets work and how they fail. 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. Government’s fiscal and monetary policies. Money market. Inflation. Unemployment. Economic growth. Business cycles. Open economy.
Learning outcomes in the course
Upon completing the course the student:
- know the main concepts in micro and macroeconomics;
- is able to employ economic theory for policy analysis;
- can analyze factors that affect economic policy.