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Economics I (Microeconomics)
OVERVIEW
CEA CAPA Partner Institution: Universidad Carlos III de Madrid
Location: Madrid, Spain
Primary Subject Area: International Relations
Instruction in: English
Course Code: 16615
Transcript Source: Partner Institution
Course Details: Level 100
Recommended Semester Credits: 3
Contact Hours: 42
Prerequisites: Elementary calculus: percentages, rule of three and basic simplifications of quotients (also sums, substractions, multiplications and quotients).
Solution of linear equations with one unknown.
Solution of two linear equations with two unknowns (by substitution).
Plot of linear equations in 2D graphs. Relationship with solutions to two linear equations with two unknowns.
Graphic interpretation of the slope of a line.
Computing elementary areas (triangles and rectangles).
DESCRIPTION
After an introduction to economic problems, the course starts discussing the the role of incentives in individual decision making, and the opportunity cost of these decisions. Thereafter we discuss how strategic interaction between economic agents (individuals, firms, government) shapes the outcomes. We discuss the (in)efficiency of institutions along a variety of problems. Finally, we address firm's decision making and price setting in various market environments. We discuss benefits and problems in markets together with the measures the state can take in order to reduce these inefficiencies.
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