Economic Theory

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Department of Social Sciences

Synopsis:

Macroeconomic aggregates - critical analysis. Calculation methods. Aggregate demand and aggregate supply. Determination of the real product (income). The concept of the potential product. Economic cycle and alternative ways of its interpretation. Inflation and unemployment and their mutual relation. Macroeconomic function of the government. Monetary policy - its possibilities and limits. Fiscal policy - its possibilities and limits. Alternative views on the macroeconomic policy of the government - present controversies in macroeconomics. Economic growth - economic growth theories (neoclassical theories and new theory of growth). The logic and working of the market regulation. Formation of the demand: the behavior of the consumer. Cardinal and ordinal concept of the utility. Individual preferences and constraints. Consumer's equilibrium. Individual and market demand. The effect of the price and income on the demand, elasticity of the demand problems (short-run and long-run). Formation of the supply: the behavior of the producer. Firm (enterprise) and its goals. Production, technology and production function. Budget constraint of the firm. Cost, revenues and profits of the firm. The behavior of a firm in different market structures. Formation of the market equilibrium.

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No time-table has been prepared for this course

The course is a part of the following study plans: