Course aims:

This introductory course teaches the fundamentals of microeconomics.
Also, topics include consumer theory, producer theory, and the behaviour of firms, market equilibrium, monopoly, issues about costs of production, completion, price, and the role of the government in the economy, allocation of net income.
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Course Entry Requirements:

N/A

Course contents:

CH 1. Introduction to Political Economy CH 2. Economic Activity - The Main Form Social Action CH 3. General Characteristics of Exchange Economy CH 4. The Modern System of Market Economy CH 5. Production Factors and Their Use CH 6. Costs of Production CH 7. Market, Competition, Price CH 8. Allocation of Net Income

Teaching methods:

Lecturing, Demonstrating, Collaborating (i.e. Classroom discussion, Debriefing, Classroom Action Research), Recitation.

Learning outcomes:

• To provide an introduction to fundamentals of microeconomics; • The course is intended both for graduate students who wish to develop a solid background in game theory in order to pursue research in the applied fields of economics and related disciplines, and for students wishing to specialize in economic theory; • To give an introduction and to learn, judge, make decisions, have a personal opinion or interpretation to some of the main subjects in this field: economic activity, exchange economy, market economy, production factors, cost production, competition, price, net income.

Learning outcomes verification and assessment criteria:

Written test examination – 70%; Verification during semester – 30%.

Recommended reading:

• J. SHIELD NICHOLSON, M.A., D.SC., (1893), “Principle of political economy”, Introduction, page 10, McMillan and Co, New York and London,;
• JOHN LANCELOT SHADWELL, (1877), “A system of political economy”, Chapter I, page 1, Trubner and Co., Ludgate Hill;
• ADAM SMITH, (1920), “ The Wealth of Nations” BOOK I, Chapter IV, page 66; P.F. Collier and son, New York, USA;
• DAVID BESANKO & RONALD R. BRAEUTIGAM, (2004), “Microeconomics” 4th edition Chapter VI, page 200, , Jhon Wiley & sons, inc.;