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ECO 105 Introduction to Economic Thought International Relations & Political Science Program Fall 2022 Semester CEA & AAU Hybrid - Prague

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ECO 105 Introduction to Economic Thought

ECO 105 Introduction to Economic Thought Course Overview

OVERVIEW

CEA Partner Institution: Anglo-American University
Location: Prague, Czech Republic
Primary Subject Area: Economics
Instruction in: English
Course Code: ECO 105
Course Details: Level 100
Recommended Semester Credits: 3
Contact Hours: 42

DESCRIPTION

Course is an introduction to economic thought. It introduces basic principles of human action (action, scarcity, costs, possibility frontier, law of diminishing marginal utility, demand, supply, consumption, production) and its consequences. It shows how economy works and introduces basic economics models: pure command economy (purpose-oriented rules, bureaucratic control, problem of economic calculation, principal-agent problem), pure market economy (property rights, exchange, comparative advantage, competition, entrepreneur discovery, firm, money, public goods) and mixed (democratic) economy. It stresses the role of institutions in a society.

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