Basic of Microeconomics - a subject offered in English 330-ES1-1MIK1#E

Educational profile: practical

Form of studies: full-time

Subject: Compulsory, Elementary,

Field and discipline: social sciences, economics and finance

Year of study: 1, semester: 1

Prerequisites:

Number of teaching hours with the division into the forms of teaching: 15 hours of lectures + 15 hours of exercises

Teaching methods:

Lecture using Power Point presentations

Exercises requiring the active participation of students, including: oral answers, solving tests, tasks, joint discussion of issues asked by the instructor

Individual consultations - 2 hours a week

Number of ECTS points - 3

Overall student workload:

- participation in lectures - 15 hours

- participation in exercises - 15 hours

- preparation for exercises - 15 hours

- preparation for the test - 15 hours

- exam preparation - 25 hours
-participation in consultation -15h

Total: 90 hours

Quantitative indicators

- student workload related to classes requiring the direct participation of an academic teacher: 45 hours, 1,5 ECTS

- student workload related to practical classes: 85h, 2,8 ECTS

Term 2022:

Introduction: Definition of „economics”; The concept of scarcity and the issue of economic choices; Production possibilities frontier,
Supply and demand on individual markets: The concept of market mechanism; Demand and supply curve; The market equilibrium; Elasticity of demand and supply.
Enterprise as an economic entity: A theory of the firm and competition; The difference between revenue, income and profit; opportunity cost; The concept of entrepreneurship.
Utility and consumer behaviour: The concept of total and marginal utility; The law of diminishing marginal utility; The law of equal marginal utilities; Substitution and income effect; Consumer equilibrium; The paradox of value; Consumer surplus. Geometrical analysis of consumer equilibrium.

Type of course

obligatory courses

Course coordinators

Anna Wildowicz-Szumarska

Learning outcomes

the student has knowledge of the basic microeconomic categories and the relationships between them, knows the basic methods and tools of economic research along with the basic literature, understands the basic types and forms of running a business and has basic knowledge of the content of classes in the subject of Microeconomics part.1. (KP6_WG1; KP6_WG2; KP6_WK1)
The student is able to understand economic texts, correctly use microeconomic categories in oral statements, interpret the relationships between basic microeconomic categories, practically use the acquired knowledge to solve simple microeconomic problems (KP6_UW1; KP6_UW8; KP6_UK1; KP6_UK6)
The student is aware of the level of his knowledge and skills and is able to identify the need for further education and personal development, due to the dynamics of market and social processes taking place in the world (KP6_KK1)

Assessment criteria

Forms and conditions of credit: Preparation of the paper on the selected topic

Bibliography

1. P.A.Samuelson and W.D. Nordhaus, Microeconomics, Mcgraw-Hill Book Company, 1989.
2. J.B.Taylor, Principles of Microeconomics, Houghton Mifflin Company, Boston 2009.
3. G. W.Stone, Core Microeconomics, Worth Publishers, New York, 2008.

Additional information

Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system:

Description of 330-ES1-1MIK1#E in USOSweb