Course Details

1. Demonstrate the ability to apply the fundamentals of economics - scarcity and efficiency and the logic of economics.
2. Appraise the role of the market in the solution of the three economic problem
3. Evaluate and apply the basic elements of supply and demand. s.
4. Identify and describe the applications of supply and demand and the behavior of consumers.
5. Apply the supply and demand laws and the behavior of consumers

I. The Fundamentals of Economics

The basic themes of Economics: Scarcity, efficiency and opportunity costs

The difference between Microeconomics and Macroeconomics

Market, command and mixed economies, the problem of economic organisation

The production-possibility frontier

II. Markets and Government

How markets solve the three basic economic problems

The government in a modern economy

Trade, specialisation and division of labour

The basic role of money

III. Basic Elements of Supply and Demand

The demand schedule, the demand curve and the demand function

Shifts in demand and the forces behind the demand curve

The supply curve and shifts in supply

The equilibrium of supply and demand  

IV. Applications of Supply and Demand

Price elasticity of demand

Calculating elasticities in diagrams

Price elasticity of supply

Applications of elasticity

V. Demand and Consumer Behaviour

Choice and utility theory

Marginal utility and the law of diminishing marginal utility with a numerical example

Leisure and the optimal allocation of time

• Violaris Ioannis, Economics a bilingual approach, Epiphaniou editions, 2008

• Samuelson & Nordhaus, Economics, McGraw Hill, 19th edition, 2008