Introduction to Economic Theories

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Introduction to Economic Theories
Course ID: 
Course Description: 

This course focuses on the economic way of thinking, and the economic principles and models that constitute the underpinnings of economics. The general objective is to encourage students to think like economists, by linking economic ideas and tools to real-world issues, and to provide them with the knowledge that is necessary for understanding more complex microeconomic and macroeconomic models. Special emphasis is placed on the analysis, and link to real-world issues, of central economic ideas, such as: choice; trade-off; opportunity cost; the margin; incentives; the forces of demand and supply; equilibrium; economic rent; self-interest and social interest; and the scope and limitations of government actions.

Learning Outcomes  

By the end of this course, students will be able to:

  • Understand the economic way of thinking,
  • Understand the limitations placed upon the economic system by the availability of resources and the technology,
  • Explain how the competitive markets work on the basis of the forces of demand and supply,
  • Understand the notion of market failure in terms of efficiency and equity, and the role of government actions in markets,
  • Understand the economic forces that affect their professional and personal life. 


Lectures’ Outline

1. What is economics?

2. Graphs in economics (I, II)

3. The economic problem

4. Demand and Supply (I, II)

5. Efficiency and equity (I, II)

6. Government actions in markets (I, II)


Recommended Reading:

Parkin, M., Powell, M. and Matthews, K. Essential Economics, Kritiki Ed., Athens, 2013 (in Greek).