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Course Description

An introduction to the fundamentals of microeconomic and macroeconomic analysis. Topics covered in microeconomics include

1) how markets determine composition and pricing of outputs and inputs, and

2) the behavior of individual consumers and businesses in response to market forces.

 

Topics covered in macroeconomics include

1) the determinants of economic growth, and

2) the effects of fiscal and monetary policy on unemployment, inflation, and capacity utilization.  

 

The aims of the course are:

  • gain a fundamental understanding of Economics, some of its underlying principles and its applications
  • to learn how to use the studied models as a set of tools which allow us to understand real world economic phenomena and how to evaluate them
  • to think critically about and possibly reassess preexisting convictions about how the economy works and what role the government plays in setting economic policies

At the end of this course, students should be able to:

  • use economic terms correctly when talking about economic events
  • understand how markets work, when markets fail and how the government can affect market outcomes
  • understand the models AND the economic intuition behind them
  • distinguish between real and nominal economic variables
  • evaluate macroeconomic policies based on their effects on the economic variables of interest