This course focuses on understanding the essential principles and tools of economics. Economics deals with the choice of the individual (microeconomics) or the society (macroeconomics) to best allocate scarce resources (land, labor, capital, and knowledge). In fact, economics is experienced every day, be it by buying food or negotiating a salary.
In this course, we will learn the prevailing basic concepts of microeconomics and macroeconomics and critically review them. The approach will follow the saying that “all business is applied economics”. The topics will include the theory and applications of consumer and firm behavior, calculation of various demand and supply elasticities, key macroeconomic variables (economic growth, inflation, unemployment and more), and macroeconomic policies and tools, among others.
Active participation of the students is a key factor. Lecturing involves class discussions and teacher’s presentations. Discussions of actual problems form an integral part of the lessons. Students are required to do the assignments. Gaining a personal view is essential. The practicability in giving answers to economic problems is a key topic of the course.