LEAB058 Икономика (на английски език)
The course is intended to introduce students to the general concepts, principles and terminology in micro- and macroeconomics. During the course students will get familiar with the market system mechanisms and the characteristics of product markets and resource markets and will study the interaction of households and firms in markets for specific goods and services. The course also focuses on the operation of the economy as a whole and the various aspects of state intervention in the economy. Furthermore, it will give an overview of basic concepts such as business cycle, economic growth, employment and inflation.
The aim of the course is to provide students with the foundation to understand and interpret economic processes and to apply economic principles to everyday cases and real economy situations.
гл. ас. Елена Спасова д-р
Описание на курса:
After completing successfully this course, the students will:
• general principles and concepts of micro- and macroeconomic theory;
• sources of information on economic processes and basic tools for economic research and analysis
• The microeconomic implications and the macroeconomics consequences from imperfect competition and market failures.
2) be capable of:
• freely applying fundamental conceptual and terminological paradigms of economic theory and use them in their further studies.
• correctly analyzing the state, trends and perspectives for development on different markets and in the national economy, as a whole.
• Transform the theoretical knowledge into practical skills for market decision making.
No preliminary requirements.
Форми на провеждане:
Език, на който се води курса:
Теми, които се разглеждат в курса:
I part: Microeconomics
1. Economic theory – field of study, structure, methodology and analysis tools. Fundamental economic problems. Opportunity cost and production possibility frontier. Economic choice and reasoning.
2. Market demand and its determinants. Law of demand. Demand curve and its movements.
3. Market supply and its determinants. Law of supply. Supply curve and its movements.
4. Market equilibrium. Demand and supply changes and effect on market equilibrium. Market equilibrium in short-term and in long-term period. Demand and supply elasticity. Types of elasticity.
5. Market supply theory. Production function in short and long-term period. Firm costs in short and long-term period. Firm revenue and profit. Analysis of firm profit and rule for profit maximization. Producer surplus.
6. Perfect competition. Basic assumptions and definition of a perfectly competitive market. Firm behavior in competitive markets in short-term and in long-term period. Analysis and assessment of perfect competition.
7. Imperfect competition. Types of imperfectly competitive markets. Differences between perfect and imperfect competition. Pure monopoly and analysis of a monopolist behavior. Natural monopoly. Price discrimination and state intervention on monopolist markets. Monopolistic competition. Oligopoly.
II part: Macroeconomics
8. Introduction to macroeconomics – field of study, aims, tools and methodology. Macroeconomic problems. Political objectives and macroeconomic policies. Macroeconomic system and its components.
9. Measuring aggregate output and income. Gross Domestic Product (GDP) and approaches for its measurement – value added approach, expenditure approach and income approach. Other indicators for economic activity – gross national product, net national product, national income, disposable income. Nominal and real GDP. GDP deflator.
10. Business cycle and its phases. Economic cycle theories.
11. Employment and unemployment – basic concepts. Analytical indicators for economic activity. Types of unemployment. Potential GDP. Economic growth – sources and factors.
12. Price fluctuations – inflation, deflation and disinflation. Consumer price indexes. Types of inflation and its effects on the national economy.
Литература по темите:
1.Begg, David, S. Fisher, R. Dornbusch: Economics, London: McGraw-Hill, 2000
2.McEachern, William: Microeconomics, 9th ed., South-Western, 2011
3.Krugman, Paul, R. Wells: Macroeconomics, New York: Worth Publishers, 2013
1.Sloman, John: Economics, 6th edition, Pearson, 2006
2.Samuelson, Paul, W. Nordhaus: Economics, 19th edition, McGraw-Hill, 2010
3.Baumol, W., Al. Blinder: Economics: Principles and Policies, 11th edition, Cengage, 2010
4.Lunn, William, J. McEachern: Study Guide for McEachern's Microeconomics, 9th edition, Cengage Learning, 2011
5.Sawyer Kelly, Elizabeth: Study guide to accompany macroeconomics, 3rd ed., New York: Worth Publishers, 2013
Средства за оценяване:
50% practical assignment