Economics

Description

​ The course offers a comprehensive introduction to the principles of economics, with an emphasis on calculus and problem-solving. In the first part, Markets and Prices , students learn the basic micro-economic concepts: How do markets work? What happens if shocks (such as natural disasters) occur and how can we measure the consequences? What choices do consumers and producers make and how do they make them? Are market outcomes good or bad? And if bad (e.g., because of market failures or inequality), what can be done about it? In the second part, Macroeconomics , students adopt an aggregate, macro-economic view: How is economic activity measured? How do goods markets, financial markets and labor markets interact? What drives inflation and unemployment? What determines exchange rates and how do exchange rates affect trade? How do consumers and investors make decisions in uncertain times? What is the role of fiscal and monetary policy? At the end of the course, students should understand the key micro-economic and macro-economic concepts be able to apply (informally, graphically, and algebraically) these concepts to real-world problems