UEH Talent Programs

Principles of Economics

Tiếng Anh

ECO101

4

"Explain and apply key economics concepts appropriately. Construct sound economic arguments in terms of these concepts. Apply simple economic models to the analysis of relevant economic issues. Apply economic reasoning to make deductions about market behavior. Explain and evaluate the likely effects of government economic policy. Demonstrate the ability to integrate and apply theoretical knowledge in real-world contexts through study tour.

This unit is an introduction to microeconomic and macroeconomic analysis and its applications. In the microeconomic part, we’ll look at very basic individual and firm decisions such as what to buy; how much to buy; and what to produce; and how much to produce. From this analysis, a simple model of individual and firm interaction (supply and demand) will result. Then we’ll use this model to see how government policies affect the interactions and outcomes of the supply and demand model. This part of the course will also focus on the optimal behavior of the firm. We’ll look at how the firm should act depending on whether there is one firm, a couple of firms, or many firms in the same market and how the actions of individual firms relate back to the model of supply and demand. Finally, we’ll study how consumers make decisions to maximize their satisfaction in the market. 

The second part of the unit covers topics in macroeconomics - the study of the economy as a whole. It is designed to provide students with a comprehensive framework for analyzing macroeconomic events and issues. The topics include the determination of output, unemployment, inflation, interest rates, and exchange rates in an economy. The questions of concern will include: Why are some countries rich and others hopelessly poor? Why is there unemployment? What are the sources of inflation? How are interest rates determined? How are interest rates and exchange rates linked and determined in an open economy?