The course aims at giving participants a foundation in basic economic concepts that are essential to understanding consumer, business, and public policy decision making. En studerende, der fuldt ud har opfyldt kursets mål, vil kunne:

• Explain the behavior of the consumers and firms
• Present and solve the consumer utility problem
• Present and solve the firm profit maximization and the cost minimization problems
• Analyse market structure and policy reforms
• Analyse market power and efficiency of different market structures
• Apply models for welfare analysis
• Illustrate and explain the difference between short-run and long-run effects of economic policies
• Argue concerning the usefulness of a specific model for a specific problem

The course provides an intense introduction to micro and macro-economic analysis and its applications. The emphasis is on acquiring sound models and methods suitable for appraising decision-making issues and applicable in a wide variety of contexts. The microeconomics part of the course covers economic decision-making by individuals (households) and firms, the market forces of supply and demand, competition, business organization, and consumer behaviour. The macroeconomics part of the course covers topics in macroeconomics with emphasis on the determination of the aggregate level of economic activity and analysis of the macroeconomic effects of government policies. In addition to providing the elementary economic theory, this course also provides student with the essential knowledge for successful functioning in today's challenging economic times.
The course introduces the essential elements of micro and macro-economic theory. Topics covered include consumer choice behavior, economic theory of the firm, cost models and production function, demand and supply in competitive markets, long-run economic growth, aggregate demand and supply, inflation and monetary policy, and stabilization policy. 14. februar, 2023