Principles of Microeconomic Decisions (konwersatorium) - 2018/2019

Course description
General information
Lecturer:dr Piotr Bolibok
Organising unit:Faculty of Social Sciences - Instytut Ekonomii i Zarządzania
Number of hours (week/semester): 2/30
Language of instruction:English
Course objective
C1 - Acquainting students with fundamental terms and issues of microeconomic decisions
C2 – Conveying knowledge about basic mechanisms shaping economic processes in micro scale
C3 – Understanding the fundamentals of consumers and producers economic decision making by the students.
Prerequisites
W1 – knowledge of mathematics on the secondary school level
W2 – analytical skills
W3 – openness to gaining knowledge
Learning outcomes
KNOWLEDGE (W):
A student knows the fundamental microeconomic issues and the criteria of consumers and producers decision making (K_W02)

ABILITIES (U):
A student analyses and interprets the processes of adjustments in market conditions (K_U01)

SOCIAL COMPETENCIES (ATTITUDES) (K):
A student is aware of basic market rules and is able to actively participate in debates on microeconomic topics (K_K04)
Teaching method
Lecture with multimedia presentation and elements of discussion.
Course content description
1. Key terms and problems of microeconomic decisions
2. Interdependence and the gains from trade
3. The market forces of supply and demand
4. Elasticity and its application in analysing microeconomic decisions
5. Supply, demand and government policies towards market imperfections
6. Externalities
7. Public goods and common resources
8. Consumers, producers and efficiency of markets
9. The theory of consumer choice
10. The costs of production
11. Decisions of firms in competitive markets
12. Decisions of a monopoly
13. Decisions of firms in monopolistic competition
14. Decisions of an oligopoly
15. The markets for the factors of production
Forms of assessment
The final grade shall be given on the basis of a written test (90%) and student\'s activity during the classes (10%).

Grade 2:
(W) - A student is unable to characterise the essence of major microeconomic issues, nor to explain the criteria of consumers’ and producers’ decision making
(U) - A student is unable to analyse the processes of adjustments in market conditions
(K) - A student is not aware of basic market rules and is unable to actively participate in debates on microeconomic topics

Grade 3:
(W) - A student is able to characterise the essence of selected major microeconomic issues and to explain some criteria of consumers’ and producers’ decision making
(U) - A student is able to analyse the selected processes of adjustments in market conditions
(K) - A student is partially aware of basic market rules and is seldom able to actively participate in debates on microeconomic topics

Grade 4:
(W) - A student is able to characterise the essence of most major microeconomic issues and to explain majority of criteria of consumers’ and producers’ decision making
(U) - A student is able to analyse the majority of processes of adjustments in market conditions
(K) - A student is aware of basic market rules and is often able to actively participate in debates on microeconomic topics

Grade 5:
(W) - A student is able to characterise the essence of all required major microeconomic issues and to explain all required criteria of consumers’ and producers’ decision making
(U) - A student is able to analyse all required processes of adjustments in market conditions
(K) - A student is highly aware of basic market rules and is always able to actively participate in debates on microeconomic topics
Required reading list
Main textbook:
1. N. G. Mankiw, Principles of microeconomics, 8th ed., Cengage Learning, Boston 2018.

Additional readings:
1. P. Krugman, R. Wells, Microeconomics, 5th ed., Worth Publishers, New York 2018.
Field of study: Economics
Course listing in the Schedule of Courses:
Year/semester:Year I - Semester 2
Number of ECTS credits: 3
Form of assessment: Grade