Principles of the Market Economy, Group C

1. Foundations of economic analysis
2. Supply, demand, and equilibrium in the goods market
3. Demand and supply shocks, price mechanism, and government intervention in goods and factor markets
4. Imperfect competition
5.Market inefficiencies
6. Basic concepts of the macroeconomy

The course explains the fundamentals of economic processes in a market economy. The course first looks at basic techniques in economic analyses and then proceeds to the explanation of the determining factors of demand and supply in the goods market. Subsequently, the effects of demand and supply shocks are examined and the effects of a non-competitive market on the market equilibrium are investigated. The functioning of credit markets will be briefly introduced. The course also discusses which government activities can be justified within the framework of a market economy. Here, the focus is on competition policies, tax policies, social policies and general economic stabilization policies.

Mankiw, N. Gregory and Mark P. Taylor: Economics, 5 th edition, Cengage Learning 2020.

Lecture and Exercises

Exam

None

90