Introduction to supply and demand and the basic forces that determine an equilibrium in a market economy, Consumer behavior and analyzing consumer decisions. Firms and their decisions about optimal production, Impact of different market structures on firms' behavior. Solution of basic microeconomic problems.
Introduction to the basic concepts and tools used in macroeconomic analysis: the theory, measurement and determination of national income; business cycles; the multiplier; fiscal policy, budget deficits and the national debt; aggregate supply and aggregate demand; exchange rates and balance of payments accounts. Economists’ approaches to the analysis of long run economic growth.