Key words
General economics, macroeconomics, microeconomics, economic history
Objectives
To acquire a basic knowledge and basic insights in economics (micro- and macroeconomics), especially regarding the operation of the market (market processes and market failures), the public sector and the social profit sector. The lectures explain basic notions of microeconomics, macroeconomics and economic history that are required for the study of social and economic policy (in the 2nd year).
Topics
I. INTRODUCTION TO ECONOMICS
1. The economic problem
2. The operation of the market - the price mechanism
3. Demand and supply in operation
II. INTRODUCTION TO MICROECONOMICS
4. The consumer
5. Individual supply of labour
6. The firm - managerial and organisational aspects
7. The output decision of the firm
III. MARKETS
8. Perfect competition
9. Monopoly
10. Oligopoly and game theory
11. Product differentiation, search costs and asymmetric information
12. Introduction to welfare analysis
13. European competition policy
IV. INTRODUCTION TO MACROECONOMICS
14. Macroeconomic concepts
15. Macroeconomic problems
16. The labour market
17. The money market
18. The financial market
19. Exchange rates and the international financial system
20. Economic growth
V. HISTORICAL ASPECTS
21. Introduction to economic history
22. History of economic thought
Prerequisites
A general high school education should be sufficient. Students are not required nor expected to have received an education in economics at the high school level. Besides elementary algebra, no previous knowledge of mathematics is assumed.
Final Objectives
Materials used
L. Berlage & A. Decoster, Inleiding tot de economie, Leuven, Universitaire Pers, 2000. Exercises edited and published by the tutor.
Study costs
Manual ca. 1440 BEFof 36€ ; exercises ca. 200 BEF of 5€.
Study guidance
Is available for all students by simple request.
Teaching Methods
52 hours of lectures and 26 hours of practical sessions (with exercises and contemporary problems). Every subject discussed during the lectures will be complemented with practical exercises and real-life examples. Besides these hours, the average student will devote 192 hours to private study, including preparing lectures and exercises, processing the course material and preparing for the final exam.
Assessment
Written exam.
Lecturer(s)
Bert MOSSELMANS
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