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Major: Business Administration (BA)

Status: Required subject

Period: First year, First semester

ECTS credits: 5

Class hours: 60 (30 lectures and 30 seminars)

Language: English


Prerequisites: Admission exam in Mathematics and English



This course is intended for first year students. It begins with the basic problems of economic theory and practice, the role of the market and market prices for achieving general economic equilibrium and optimal allocation of resources. It examines systematically the scarcity of available resources, the production possibilities and the goals (motivation) of rational economic agents. Models for decision making at consumer and producer level are constructed. The demand and supply curves of the individual markets are derived. Definitions for kinds of goods are given, and key concepts such as alternative price, elasticity, marginal utility, indifference curve, and the isoquant are introduced.

Aims of the course:

To course aim is to equip students with professional competency and identity, to make them familiar with the economic themes, and to stimulate and develop their ability for critical thinking and evaluation of ideas and the environment.

Intended learning outcomes:

  1. Describe the main goals and tools of Economics and what distinguishes it from other social sciences
  2. Advantages and disadvantages of market economy as a method for optimum allocation of (scarce) resources
  3. The way consumers make decisions and what influences them (preferences, limitations)
  4. The way producers make decisions about what to produce, quantity and what resources to use and the factors influencing those decisions.
  5. Plot and understand the demand and supply curves for individual markets.
  6. Calculate different elasticity types and make conclusions.
  7. Formulate the main consumer choice (utility maximizing consumer basket) and calculate how it changes following a change in the factors influencing it.
  8. Identify and formulate the basic economic problems in the company.
  9. Calculate and demonstrate with a graph the company costs and calculate the production output which maximizes its profit in various market structures.