Economic Analysis I

In this course presented are at an introductory level the basic concepts, methods and tools used by economists when investigating the central problems of modern societies. It focuses on microeconomic analysis issues, as developed within the paradigm of neoclassical theory, which currently dominates the field. The microeconomic analysis focuses on the examination of the decisions made by economic units (individuals, households, enterprises, and the public sector) for the production, distribution and consumption of specific goods.
This course provides also a brief overview of the historical evolution of economic thought and the key alternative theoretical approaches that developed especially in the 19th and 20th century. This historical perspective provides students with the opportunity to evaluate and critically approach the structure of the main arguments and conclusions of modern Microeconomic Analysis.

Upon completion of the course students should be able to:
• understand the assumptions and basic tools and methods of economic analysis in exploring contemporary social problems
• understand the mechanism and operation of the free market in accordance with the neoclassical model.
• understand the factors that shape the supply and demand of goods and the factors of production.
• calculate the quantitative dimensions of the supply and demand of goods.
• critically approach the neoclassical microeconomic theory.