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Introductory Economics

HES 202

Course CodeHES 202
ECTS10

Course Description

Supply and demand, equilibrium, elasticity, market structures and the main macroeconomic indicators, applied to real markets and published data.

Course Objectives

To introduce the core principles of micro- and macroeconomics and their relevance to business.

Key Topics

  1. LO1: Understand basic microeconomic principles.
  2. LO2: Understand price elasticity of demand.
  3. LO3: Understand key macroeconomic indicators.
  4. LO4: Understand different market structures.

Course Outline

WeekTopics
1What is economics? Scarcity and choice
2Demand: how buyers behave
3Supply: how sellers behave
4Market equilibrium
5When demand or supply changes
6Price elasticity of demand
7Calculating elasticity
MidtermMidterm evaluation
9Measuring the economy: GDP
10Inflation and unemployment
11Reading economic data
12Perfect competition
13Monopoly
14Markets in real life
15Review and coursework completion
FinalFinal assessment and submission

Learning Outcomes

  1. LO1 Understand basic microeconomic principles.
  2. 1.1 Explain the law of supply and demand.
  3. 1.2 Illustrate market equilibrium using a simple diagram.
  4. LO2 Understand price elasticity of demand.
  5. 2.1 Explain the concept of elastic and inelastic demand.
  6. 2.2 Calculate a simple elasticity ratio.
  7. LO3 Understand key macroeconomic indicators.
  8. 3.1 Explain inflation, unemployment and GDP.
  9. 3.2 Interpret published economic indicators for a chosen country.
  10. LO4 Understand different market structures.
  11. 4.1 Compare perfect competition and monopoly.
  12. 4.2 Identify examples of each structure in real markets.
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