| 1 |
Review of course syllabus |
Fundamental Concepts of Microeconomics: Scarcity, needs, goods and services, utility, production and consumption, basic economic questions, factors of production, opportunity cost, and the production possibilities curve. |
Lecture, Question and Answer, Problem-Solving Method |
| 2 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Theory of Demand: The definition and determinants of demand, the demand function and the law of demand, demand schedules and curves, movements along the curve, and shifts in demand and market demand. |
Lecture, Question and Answer, Problem-Solving Method |
| 3 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Theory of Supply: The definition and determinants of supply, the supply function and the law of supply, supply schedules and curves, movements along the curve, and shifts in supply and market supply. |
Lecture, Question and Answer, Problem-Solving Method |
| 4 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Market Equilibrium and Elasticities: Equilibrium price and quantity, surplus and shortage, and the effects of shifts in supply and demand, demand and supply elasticities, and their significance for firm revenue. |
Lecture, Question and Answer, Problem-Solving Method |
| 5 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Consumer Theory: Cardinal and ordinal approaches to utility, rationality, total and marginal utility, diminishing marginal utility, the budget line, indifference curves, consumer equilibrium, and utility maximization. |
Lecture, Question and Answer, Problem-Solving Method |
| 6 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Producer Theory: The production function, the input-output relationship, factors of production and diminishing returns, isoquants, isocost lines, producer equilibrium, and profit maximization. |
Lecture, Question and Answer, Problem-Solving Method |
| 7 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Costs: Explicit and implicit costs, fixed, variable, total, average, and marginal costs in the short run, together with long-run costs and economies of scale. |
Lecture, Question and Answer, Problem-Solving Method |
| 8 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Market Structures: The main characteristics and short-run and long-run equilibria of perfect competition and monopoly, a conceptual introduction to monopsony, duopoly, duopsony, triopoly, triopsony, oligopoly, and oligopsony. |
Lecture, Question and Answer, Problem-Solving Method |
| 9 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Fundamental Concepts of Macroeconomics: The distinction between microeconomics and macroeconomics, the scope of macroeconomic analysis and its key variables, nominal and real measures, and an introduction to Classical, Keynesian, and Monetarist schools of thought. |
Lecture, Question and Answer, Problem-Solving Method |
| 10 |
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MID-TERM EXAM |
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| 11 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
National Income Accounting: GDP and GNP and the distinction between them, expenditure, income, and production approaches to national income, value added, and the distinction between autonomous and induced expenditure. |
Lecture, Question and Answer, Problem-Solving Method |
| 12 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Price Stability: The importance of price stability, the types, causes, and economic effects of inflation, measurement through CPI and PPI, deflation and disinflation, and related concepts of price instability. |
Lecture, Question and Answer, Problem-Solving Method |
| 13 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Employment and Unemployment: The concepts of the labor force and employment, types of unemployment, the measurement of the unemployment rate, and the economic and social consequences of unemployment. |
Lecture, Question and Answer, Problem-Solving Method |
| 14 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Economic Growth and Development: The definition, measurement, and sources of economic growth and the distinction between growth and development, per capita income, income distribution, the Gini coefficient, and the Lorenz curve. |
Lecture, Question and Answer, Problem-Solving Method |
| 15 |
Reading the related chapter from lecture sources. Monitoring of current economic developments. |
Financial Markets: The functions and types of financial markets, money and capital markets, and primary and secondary markets, major financial instruments, market participants, and direct and indirect financing. |
Lecture, Question and Answer, Problem-Solving Method |
| 16 |
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FINAL EXAM |
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| 17 |
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FINAL EXAM |
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