Introduction to Economics

The course gives an introduction to economics, and no previous knowledge of economics is required. Central concepts of microeconomics and macroeconomics are introduced and simple economic models are introduced where the impact of economic policies and shocks on policy outcomes are discussed. The course is the base for further studies in microeconomics and macroeconomics.

Knowledge

You learn

• fundamental concepts of microeconomics
• to use simple models to study the behavior of firms and households, and how markets work
• to apply the models on relevant problems related to the labor market and environmental issues
• essential concepts of welfare economics and market failure
• the concepts of the national accounts
• about fundamental macroeconomic hypotheses like consumption and investment and how to include these hypotheses in simple macroeconomic models
• about essential topics in economics like banking, inflation, unemployment and international trade

Skills

You should be able to

• understand essential concepts of microeconomics
• apply graphic models to study problems related to the market
• apply models where you show how market failure can be corrected understand the concepts of the national accounts and how they are linked
• set up a simple macroeconomic model and use it to discuss effects of economic policies
• discuss different types of unemployment and apply a simple model to explain trade between countries

General competence

You should be able to

• follow economic reasoning related to the course in the public debate and professional reports

4 hours of lectures every week, and 2 hours of practical assignments every other week. Specific requirements will be announced at the beginning of the term.