Economic Analysis
This course covers the fundamentals of both Microeconomics and Macroeconomics. In the first part, a microeconomic viewpoint is taken to first consider the general problem of how societies organize production and allocate resources to ensure their survival over time. Then, the course introduces relevant economic techniques for analysing the interactions of consumers and firms in a market economy. In the second part, the course takes a macroeconomic view to analyse and evaluate the Gross Domestic Product, the total income, interest rates and the macroeconomic equilibrium. The analytical context of the course is as follows: Microeconomics: Production Possibility Frontier, Efficiency, Opportunity Cost, Demand and Supply, Elasticity, Consumer Choice and Demand, Cost and Firm Behaviour, Market forms; Macroeconomics: Measuring the Value of Economic Activity: Gross Domestic Product, The Composition of GDP, The Demand for Goods, The Determination of Equilibrium Output, The Demand for Money, Money Supply, Determining the Interest Rate, The IS – LM Model.