ECO 301: Basics of Economics

Contents
This lecture introduces into the field of economics and explains basic phenomena, interconnections and methods of analysis pertaining to micro- and macroeconomics.
The lecture introduces into the principles of economic thinking. The participants will made familiar with the basic problems of micro- and macro-economics, especially the functioning of markets, the economy of the public sector, the labor market economy and the macro-economy of closed and open political economies.
The contents of the lecture comprise:

• Offer and demand
• Markets and affluence
• Economy of the public sector
• Design of the tax system
• Corporate behavior
• Fragmentary competition
• Labor market economy
• Excursion to threshold regions of micro-economics
• Empirical observations and macro-economics: economical resource accounting
• Long-term economic development: production and growth, saving, investing and the financial system
• Money and inflation European monetary union
• Macro-economics of open political economies Short-term economic fluctuations
• Macroeconomic politics

Learning outcomes
Successful students know the basic principles of economic thinking. They can apply them in order to analyze the impact of different simple politico-economic measures and to evaluate which impacts are socially desirable. They can use their knowledge about the effective incentives in economic processes to advise in technically sound manner layperson in moderately complex economic and political decision problems. They are able to formulate field-related positions on current social problems (like e.g. the economic and financial crisis) and to discuss possible solutions with experts.

Necessary prerequisites
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Recommended prerequisites
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Examiner Performing lecturer

Prof. Dr. Carsten Trenkler Prof. Dr. Carsten Trenkler