Course description - Course content

Course description:
The objective of the course Economic Analysis I is to get students on the understanding of the basic concepts of economic theory and introduce them to the methods, techniques, tools and approach of economic theory in the field of microeconomics.

Course content: 
Module 1: Fundamentals of the economic analysis
Module 2: The benefits of trade
Module 3: The market forces of supply and demand
Module 4: Markets in equilibrium
Module 5: Elasticity and its applications
Module 6: Supply, demand and government economic policies
Module 7: Consumers, producers and the efficiency of markets
Module 8: Market efficiency
Module 9: The design of a tax system and the cost of taxes
Module 10: International trade

Keywords: Economic analysis, Microeconomics, Macroeconomics, Economic analysis for business, Economic analysis for policy-making, Valuable resources, Market efficiency, Social justice and solidarity, The methodology of economics, The economic circuit, Production possibility frontier, Production capabilities, Trade, Absolute advantage, Opportunity cost, Comparative advantage, Demand curve, Market demand versus individual demand, Shifts the demand curve, Supply curve, Shifts the supply curve, Product market in equilibrium, Excess supply, Excess demand, Comparative statics, Elasticity of demand, Total revenue and elasticity of demand to the price, Elasticity of demand to the income, Cross elasticity of demand to the price, Elasticity of supply to the price, Setting an upper price, Setting a bottom price, Price control system, Imposing taxes on buyers, Imposing taxes on sellers, The cost of a tax, Consumer surplus, Producer surplus, Total consumer and producer surplus, Direct and indirect taxes, The costs of taxes, Tax rates, Lump sum taxation, Taxes and Justice, Deadweight loss of taxation, Welfare without tax and welfare with tax, Determinants of uncompensated loss of taxation, World price and comparative advantage, Benefits and losses of an exporting country, Benefits and losses of an importing country, Import duties, Import quotas.