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Status: Elective course for Business Administration


Period: First year, first semester


ECTS credits: 3


Class hours: 30 (30 lectures)


Language: English


Requirements: Admission exams in Mathematics and English


Prerequisites: Microeconomics I – Part one




This course is intended for first year students who have already had Microeconomics I – part one. During the course the differences between conditions for perfect and imperfect competition are explained. The course also looks at the behavior of rational economic agents in the context of different market structures (competitive and with no competition) and at how to achieve market equilibrium and efficiency in allocation of resources (maximization of public utility). Attention is given to situations in which the market cannot fulfill its role to efficiently allocate limited resources. The reasons for this are examined (the so called external effects, market failures, markets with no competition) and the possibilities to correct them.




The course aims to develop students' professional competence and identity, to expose them to the economic themes as well as to stimulate and develop their capacity for critical thinking and evaluation of ideas and the world around.