Преподавател(и):

 Dr. Andreas Alexiou  
доц. Стефан Стефанов  
гл. ас. Елена Спасова  д-р

Описание на курса:

Компетенции:

Students who complete this course:

1) will know:

• Understand demand and supply their determinants and the outcomes of price controls

• Recognise and explain the differences and similarities between the different market structures

• Describe and explain the concepts of elasticity, cost, revenues, profits

• Explain the role of households and firms in an economy.

2) will be able to:

• Identify the basics of microeconomic theory and perform analyses on various microeconomic issues.

• Assess how firms are taking their decisions in an economy

• Recognise and evaluate the role of governments in the more equitable allocation of wealth in the economy

• Explain the basics of general equilibrium theory

Предварителни изисквания:
Students are required to have the following knowledge and/or skills:

• No preliminary requirements

Форми на провеждане:
Редовен

Учебни форми:
Лекция

Език, на който се води курса:
Английски

Теми, които се разглеждат в курса:

1. Introduction to Economics: The Scope and Method of Economics. • Why study economics • The scope of economics • The method of economics • How to read and understand graphs
2. Scarcity, Choice and Opportunity Cost. • Scarcity and choice in a one-person economy • Scarcity and choice in an economy of two or more • The Production Possibility Frontier • The Economic problem • Command, mixed and free economy
3. Demand, Supply and the Market • The circular flow in the economy • Market demand and supply • The determinants of demand and supply • Movements along and shifts of demand and supply curves • Equilibrium price and output determination in a free market • The consequences of price controls
4. Elasticity • Price elasticity of demand • How to calculate elasticities • The determinants of demand elasticity • Other important elasticities
5. Household Behaviour and Consumer Choice • Household Choice in Output Markets • The Basis of Choice: Utility • The Budget Constraint • Diminishing Marginal Utility • Income and Substitution Effects
6. The Production Process: The Behaviour of Profit Maximizing Firm • The Behaviour of Profit-Maximizing Firms • The Production Process • Choice of Technology • Costs in the Short Run • Output Decisions: Revenues, Costs, and Profit Maximization
7. Short-Run Costs and Output Decisions • Costs in the Short Run • Output Decisions: Revenues, Costs, and Profit Maximization
8. Long-Run Costs and Output Decisions • Short-Run Conditions and Long-Run Directions • Long-Run Costs: Economies and Diseconomies of Scale • Long-Run Adjustments to Short-Run Conditions
9. General Equilibrium and the Efficiency of Perfect Competition; Monopoly & Antitrust Policy • Market Adjustment to Changes in Demand • Allocative Efficiency and Competitive Equilibrium • The Sources of Market Failure • Evaluating the Market Mechanism • Imperfect Competition and Market Power • Price and Output Decisions in Pure Monopoly Markets • The Social Costs of Monopoly • Price Discrimination • Remedies for Monopoly: Antitrust Policy
10. Revision

Литература по темите:

Case, K., Fair, R., and Oster, S. (2019) Principles of Economics, 13th edition, Global Edition. Pearson.

Mankiw, G. N. (2020). Principles of Economics. 9th Edition, Cengage Learning

Begg, D., Vernasca, G., Fischer, S., and Dornbusch, R. (2020). Economics. 12th Edition. McGraw-Hill

McConnell, C.R., Brue, S.L., and Flynn S. (2021). Economics. 22nd, McGraw Hill