ECN 501 Introduction to Principles of Economics
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This ECN 501 Introduction to Principles of Economics course module introduces the processes and principles of microeconomic thinking that have been developed to explain the determination of prices and the allocation of resources in mixed market systems. The application of microeconomic theory to current and emerging social and economic issues will be examined.
Students will be able to:
1. Demonstrate an understanding of the essence of economics as it includes scarcity, choice and efficiency, as well as scientific methods of theories and models designed to properly understand economic principles.
2. Analyze the model of production capabilities, taking into account opportunity costs, optimal distribution and economic growth.
3. Recognize the functioning of a market economy, its effectiveness in a circular flow model and its response to basic economic problems, rather than in a command economy.
4. Analyze the functioning of the competitive market in terms of demand, supply, market equilibrium, price normalizing function and the predicted impact of changes in various determinants of supply and demand.
5. Calculate the surplus income received by producers and consumers and the relationship between these surpluses and distribution and production efficiency as they are related to the market.
6. Evaluate the role of government intervention in failed markets and its support for efficient operation.
7. Apply the concepts of price elasticity of demand, price elasticity of supply, income elasticity, and cross elasticity to real-life situations in pricing strategies, taxes, and other market activities.
8. Demonstrate knowledge of the company's time frame for decision making, short-term industrial relations, and the impact of the law of diminishing returns.
9. Evaluate the company's performance in terms of short-term economic costs, not long-term.
10. Using margin analysis, total costs and total income, explain profit maximization, loss minimization and closed short-term positions of ideally competitive firms, and the construction of a supply curve in a competitive market.
11. Analyze the long-term equilibrium of perfect competition in an industry with fixed costs, increased costs, and reduced costs.
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