The course is the first course in Economics and is an introduction to the basics of economics and economic analysis. It is centered on three main topics: “What is economics”, “Microeconomics basics”, “Foundation of Macroeconomics”.
At the first step, the basic concepts of economics would be introduced. You learn how economists think and how economic analysis can help us understand the world better
Then, you learn about the foundations of microeconomics to understand how an economic system works. We review the basic analysis of demand, supply, and market equilibrium. Then you learn about competitive and non-competitive markets, price discriminations, externalities and public goods. Then you will get introduced to the roles of governments and the effects of different government’s policies like taxes, subsidies, quotas and rationing.
Third, the course change gear towards the basics of macroeconomics. You will learn basic terminologies of macro like GDP, aggregate prices, inflation, national accounts and ,…