Introduction to Economics [MNB1SE14EC-Z17] Semestr zimowy 2017/2018
Wykład, grupa nr 1

1. Principles of Microeconomics , N. Gregory Mankiw, sixth edition, Harvard University, 2012.

2. N. Gregory Mankiw, Macroeconomics, Harvard University, Worth Publishers, New York, NY 10010, 2009.

3. D.Begg, S.Fischer and R.Dornbusch, Economics, (8th Edition)

4.htttp://eurostat.ec.europa/portal/page/portal/eurostat/home/

1. An introduction to economics

A few main principles of economics,

Economic perspective: scarcity and choice, rational behavior, benefits and costs analysis;

Micro and Macroeconomics.

2. The market system at work

Characteristics of the market system: capitalism, communism, socialism,

Perfect competition and imperfect competition

Economic growth and economic development- measures

Competition and the “Invisible hand”;

3. The nature and function of product markets

Demand: law of demand, the demand curve, change in demand, changes in quantity demanded, law of diminishing marginal utility;

4. The nature and function of product markets.

Supply: law of supply, the supply curve, determinants of supply, movement along the supply curve, changes in quantity supplied;

Supply and demand: market equilibrium, rationing function of prices, how prices allocates resources.

5. Elasticity

Price elasticity of demand: formula and interpretations;

Price elasticity and the total revenue curve;

Price elasticity of supply: in the short run, in the long run.

6. Market and Aggregate Demand

What determines the demand for goods and services?

Who is spending money on the market?

Consumption function

Marginal propensity to consume

Investment function.

7. The markets for the factor of production

The concept of the factor of production

Production function formula

Diminishing marginal productivity.

Production function shape.

8. GDP

Measuring the value of economic activity

How to compute GDP

Real and nominal, total and per capita

Differenced in the standard of living

How and why GDP is used as an index of the standard of living

Economic growth and economic development- measures

9. The role of government

public goods: demand for public goods; supply of public goods; optimal quantity of public goods;

Governmental intervention to the market – prices floor and prices ceiling.

10. Government debt, budget deficits & taxes

The source of government’s revenue

Taxes: how taxes change the market equilibrium.

11. An introduction to monetary policies

Role and function of money

Supply of money in the economy

How to create money in the economy

12. The source of financial crisis 2008-

Budget deficit and the national debt;

Austerity measures

The magnitude of government indebtedness

Public spending and the rate of economic growth

lecture supported by multimedia presentation.

1. active part in the class discussion 40%

2. final exam 60%

TOTAL - 100%