INTRODUCTION TO ECONOMICS

The purpose of the course is to illustrate the way in which economists view, think, and analyze the world. The course provides an introduction to a broad range of economic concepts, theories, and analytical techniques. It considers both microeconomics—the analysis of choices made by individual decision-making units (households and firms) under partial equilibrium—and macroeconomics—the general equilibrium analysis of the economy as a whole. The use of the supply and demand model will be the fundamental setting in which trade-offs and choices will be considered through a comparison of the costs and benefits of actions.

On successful completion of this course, students will be able to:
1. Describe and explain how partial equilibrium models of markets can be used to consider fundamental economic choices of households and firms.
2. Describe and explain how general equilibrium models of competitive markets can be used to analyze the economy as a whole.
3. Describe and explain how both the government policies and the market structure influence microeconomic choices and macroeconomic outcomes.
4. Interpret and use economic models to analyze economic situations.

Students are required to have excellent knowledge and training in secondary-school level mathematics:
1. Arithmetic:
(a) Natural and real numbers, and fractions;
(b) Computation and properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and roots.

2. Elementary algebra:
(a) Manipulation of variables as if they were numbers;
(b) Simplification of algebraic expressions;
(c) Properties of equalities and inequalities;
(d) Resolution of equations with a single unknown;
(e) Graphic representation of linear equations (of two variables) in the real plane.

3. Geometry:
(a) Computation of length and area of traditional two-dimensional geometric figures—square, triangle, circumference;
(b) Angles;
(c) Congruency of geometric figures;
(d) Pythagorean theorem.

4. Graphs analysis: Basic identification, visualization, and analysis of the relationships between entities in a graph.

PART 1: MICROECONOMICS
1. Competitive markets
1.1. Supply and demand
1.2. Elasticity
1.3. Production and costs
1.4. Competitive equilibrium
1.5. Welfare analysis: Consumer and producer surplus
2. Sales taxes
3. International trade
3.1. Imports and exports
3.2. Trade protection
4. Imperfect competition
4.1. Monopoly
4.2. Duopoly
5. Uncertainty, risk, and asymmetric information
5.1. Adverse selection problem
5.2. Signaling

PART 2: MACROECONOMICS
1. Macroeconomic aggregates and concepts
1.1. Measuring the national output and national income
1.2. Unemployment and inflation
2. Markets of goods
3. Financial markets
4. The IS-LM Model: Equilibrium in both the goods and money markets
5. Labor market
6. The AS-AD Model: Putting all markets together

1. Economics by Paul Krugman and Robin Wells. McMillan Publisher.
2. Principle of Economics by Karl E. Case, Ray C. Fair, and Sharon E. Oster. Pearson Publisher.
3. OpenStax Economics, Principles of Economics. OpenStax CNX. May 18, 2016. http://cnx.org/contents/69619d2b-68f0-44b0-b074-a9b2bf90b2c6@11.330

The assessment will be conducted through a 90-minute comprehensive written examination.
• The examination will be administered under closed-book and closed-notes conditions.
• All topics covered throughout the course are subject to evaluation.
• The examination constitutes 100% of the final course grade.
• The grading scale ranges from 0 to 30, with a minimum passing score of 18.

Throughout the course, students will be assigned problem sets as home assignments, which are to be completed collaboratively in groups of up to three members.
• Submission of home assignments is optional.
• Each home assignment can contribute up to one additional point to the final examination score in the first and/or second examination sessions. However, these additional points will not be considered for the third and fourth examination sessions.
• Eligibility for homework points is subject to the following conditions:
- At least half of the assigned problem sets must be submitted with complete solutions.
- A passing grade in the examination must be obtained.
• Problem sets will be addressed exclusively during the exercise sessions, and solutions will not be uploaded to Moodle. Therefore, attendance at exercise sessions is strongly recommended.

written

Evaluation Grid:
• Scores in the 18-22 range will be awarded in the presence of:
- sufficient knowledge and understanding of the program;
- limited ability to interpret concepts and form independent judgments;
- sufficient communication skills, especially in relation to the use of specific language related to economic concepts.
• Scores in the 23-26 range will be awarded in the presence of:
- fair knowledge and understanding of the program;
- fair ability to interpret concepts and form independent judgments;
- sufficient communication skills, especially in relation to the use of specific language related to economic concepts.
• Scores in the 27-30 range will be awarded in the presence of:
- Good or excellent knowledge and understanding of the program;
- Good or excellent ability to interpret concepts and form independent judgments;
- Fully appropriate communication skills, especially in relation to the use of specific language related to economic concepts.
• Honors (30L) will be awarded in the presence of in-depth knowledge and understanding of the program, exceptional critical thinking skills, and effective communication abilities.

The course will be supported by lectures covering the relevant topics. The primary aim of the lectures is to provide an overview of the curriculum and enhance students' understanding of the material. Instruction will be conducted in English. Additionally, students will have the opportunity to attend exercise sessions focused on solving problem sets and preparing for the final written examination.