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Principles of Economic Theory Course Outline Prof. Dr. Rumen Gechev

This course outline provides an introduction to the nature of economics, methodologies of research, division of labor, comparative economic systems, market mechanisms, price elasticity of demand and supply, as well as money supply and banking systems. It also explores the functioning and failures of the price system and its impact on society and the economy, with a focus on sustainable development. Recommended textbooks for the course are John Sloman's "Economics," Michael Parkin, Melanie Powell, and Kent Mathews' "Economics," and David Begg, Stanley Fischer, and Rudiger Dornbush's "Economics."

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Principles of Economic Theory Course Outline Prof. Dr. Rumen Gechev

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  1. Principles of Economic TheoryCourse OutlineProf. Dr. Rumen Gechev Fall 2011 Lectures: Tuesday 17.45 – 19.15

  2. Course Outline 1. The Nature of Economics and methodology of Research. 2. Division of Labor. Production possibilities and opportunity cost. 3. Comparative Economic Systems. 4. Market Mechanism: Individual and Aggregate Demand. 5. Market Mechanism: Individual and Aggregate Supply.

  3. Course Outline 6. Price Elasticity of Demand and Supply. 7. Market Equilibrium and Disequilibrium. 8. Money and money supply. 9. Banking system. 10. Price system: How it functions and when it fails.

  4. Course Outline 11. Society and Economy. Sustainable Development. 12. Revision Lectures/Presentations: downloadable at http://www.unwe.acad.bg/ucsd Учебни материали – Въведение в Икономикс

  5. TEXTBOOKS John Sloman. ECONOMICS , 6th Edition, 2006, USA: Prentice Hall Michael Parkin, Melanie Powell and Kent Mathews. ECONOMICS, 4th Edition, 2000, UK: Pearson Education David Begg, Stanley Fischer and Rudiger Dornbush. ECONOMICS, 7th Edition, 2003, USA: McGraw-Hill or any other Textbook in Economics for the tertiary education, published in the US or UK

  6. Final Grade: A. Midterm (Oct.25th) 40 % B. Final Exam 60 % Both exams: Written Test – closed questions, open questions, calculations

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