Izlence
The core learning objectives for the course are to demonstrate understanding of the fundamental microeconomic and macroeconomic concepts. The aim of this course is to introduce the concept of a market economy and to investigate how scarce resources are allocated under a price mechanism. At the end of the course students will be able to critically analyze and interpret economic data; apply economic reasoning to analysis of current events and case readings.
Upon succesful completion of this course, a student will be able to
1. apply knowledge of basic economic concepts such as scarcity, opportunity cost, elasticity, economic profit and marginal analysis.
2. demonstrate their understanding of how markets clear through the interaction of supply and demand.
3. show graphically and algebraically how firms respond to changing demand and costs.
4. demonstrate their understanding of the welfare properties of perfectly competitive markets and the consequences of market imperfections on output and welfare.
5. measure key macroeconomic variables
6. Demonstrate their knowledge of the major macroeconomic issues, policy objectives and national accounts.
7. find out basic relationships between the variables such as national income, unemployment, budget deficit, money supply, interest rate, inflation rate, exchange rate, and trade deficit.
8. Demonstrate their understanding of the extended Keynesian income-expenditure model algebraically and diagrammatically
9. Understand the creation and role of the Money in the economy.
10. Use the model to analyze a variety of fiscal and monetary policy choices.