ECONOMIC THEORIES

Course unit code: 314E101
Mode of completion and ECTS credits allocated: Exam (6 credits)

Objectives and learning outcomes of the course unit:
 The student will be able to gain new information on economic theories, basic economic principles, and thinkers and about basic analytical tools of economic science like market equilibrium analysis, as well as international trade.He will be able to understand basic relationships in a market economy, to analyze basic economic phenomenon, to evaluate basic relations like supply,demand, production possibilities frontier .etc.

Course contents:
The subject and methodology of economic theories, most important schools in economics, ten principles of economics, thinking like an economist, interdependence and the gains from trade, basic analysis of demand and supply, their elasticity, efficiency of markets, consumer and producer surplus, economic application: the cost of taxation and international trade.