AIMS AND OBJECTIVES OF THE COURSE: At the end of the course the students are expected to be able to be aware and understand contemporary economic theory. They should also develop their theoretical and practical knowledge about the inherent features and implementation of basic economic concepts, systems and principals
DESCRIPTION OF THE COURSE: The main topics concern: The Economic Theory. Micro and Macro Economics. The Economic Problem – Scarcity. Productivity. The Cost of Production. Needs, Wants, and Demands. Public and Private Sector. Industry and Trade. Production, Consumption, Exchange. Prices and Markets. Supply and Demand Markets. Elasticity of Demand. Price Elasticity. Market Economy Models (Structures): Perfect Competition; Monopoly; Oligopoly; Monopolistic Competition. The Labour Market. The Economic Theory Development. Circular Economy.
