Micro/Macro Economics, year 1
Full course description
The Micro/Macroeconomics (Micro/Macro) course is intended to complement An Economist’s Point of View (EPV). In the sessions, the students are introduced to the basic principles and key economic concepts in microeconomics and macroeconomics. Microeconomics deals basically with the study of individual decision-making units and markets. Concepts such as the law of supply and demand, elasticity, cost and production functions, pricing and market failures such as asymmetric information, externalities, public goods, and imperfect market structures are covered. Macroeconomics, in turn, deals with aggregate economic behaviour and looks at the economic objectives of stable inflation, full employment and high output growth as well as the policy instruments to achieve them through monetary and fiscal policies.
Students learn the following aside from economic theories:
- Reading, analysing and interpreting graphs as most economic information and theory are presented in graphics;
- Calculating mathematical equations in solving economic problems;
- Understanding economic policies and the logic behind these policies;
- Applying economic concepts and principles in real life situations;
- Formulating research problems and research questions with economic content;
- Working in groups.
O’Sullivan, A., Sheffrin, S.M. & Perez, S.J. (2007). Economics principles and tools. (5th ed.). Boston: Pearson.
- L.G.J.M. Borghans