The course provides basic knowledge for the economy as social science and economic principles upon which all outstanding agents behave in different market structures. Economics is the study of the use of scarce resources to satisfy unlimited human needs and desires. In economics, we study how these scarce resources are allocated within the markets. The economic systems may be closed or opened, and in each case we consider the actions and interactions of three economic agents: 1) customers, 2) firms and 3) government. In this course, students will be introduced to simple, abstract models of the behavior of the three economic agents, as well as macroeconomic objectives, fiscal, monetary and trade policies, financial markets, banking system etc.

This course aims to provide students with the key concepts associated with the operation of the national economy and international economic policy implementation. By the end of the semester, students are expected to learn: 1) the concepts and language of Economy 2) By using basic methodology and models, to be able to analyze hypothetical and real economic situations 3) the ability to explain the causes and consequences of an economic occurrence in the countries' economy.