IER 101 – Principles of Economics

IER 101 – Principles of Economics; Weekly hours: 2+1, ECTS: 5
The Lecture has 2 main purposes. The first is to increase students’ knowledge of various economic theories and policies by illustrating from Macedonian, Turkish, EU and The U.S economies. The second purpose is to show the applications of various economic subjects in daily life. The course contents includes (The Scope and Method of Economics), The Economic Problem: Scarcity and Choice, Demand, Supply and Market Equilibrium, Elasticity, Household Behavior and Consumer Choice, The Production Process: The Behavior of Profit-Maximizing Firms, Short-Run Costs and Long-Run Costs, Monopoly, Monopolistic Competition and Oligopoly, Introduction to Macroeconomics, Measuring National Output and National Income, Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment and Inflation, The Government and Fiscal Policy, Aggregate Demand, Aggregate Supply and Inflation, The Labor Market, Unemployment and Inflation.