Economics is the social science of satisfying unlimited wants with scarce resources. Principles of Economics refers to the basic methods and concepts economists use when doing economics, hence to economic analysis. In this view the term “economics” refers to the discipline, not to the economy. We will discuss consumer and producer behavior, markets, business cycles, economic growth, money and the financial system. We will also discuss fiscal and monetary policy and policy issues such as unemployment, inflation, and balance of payments surpluses and deficits.
In this course, the student will gain a thorough acquaintance with the principles of economics. He will understand the economic motives of consumers and producers, the market processes and macroeconomic developments, as well as the interdependencies between economic processes and the main features of public economic policy.
At the end of this course, the student can describe the main principles of economics. He can describe the economic motives of consumers and producers, the market processes and macroeconomic developments, as well as explain the interdependencies between economic processes and the main features of public economic policy. The student can identify some (global) economic problems in every day news, to relate them to economic concepts and to discuss these problems based on economic theory.
Once available, timetables will be published here.
Mode of instruction
The course uses a variety of teaching methods: interactive lecturing, student presentations, class debate and online testing.
The assessment of this course is based on four elements:
Final written exam (40%). The final exam consists of open questions. The questions will be based on the literature and the materials that are discussed in class.
Paper assignment (15%) A failure to submit before the deadline will result in a zero score.
Presentation of the paper (10%)
Unweighted average of five test scores (25%). Six multiple choice questions tests will be provided on Blackboard. The lowest score (of 6) will be discarded from calculation of the average. A failure to submit before the deadline will result in a zero score.
Unweighted average of scores on six class participations (10%). Every week, students are expected to prepare the reading material and the study questions. Based on this preparation, students are able and expected to participate in class. This means that students are expected to discuss the concepts, theories, and the solutions for the study problems. Lecturers will grade class participants each seminar.
There will be a Blackboard site available for this course. Students will be enrolled at least one week before the start of classes.
Stanley L. Brue, Campbell R. McConnell and Sean M. Flynn (2013), Essentials of Economics, 3rd International Student Edition, Boston etc.: McGraw-Hill/Irwin (ISBN 978-1-259-01-06040-3).
Additional information in the workbook to be posted at Blackboard. Lecture material to be posted at Blackboard
This course is open to LUC students and LUC exchange students. Registration is coordinated by the Curriculum Coordinator. Interested non-LUC students should contact firstname.lastname@example.org.
Dr. Joop de Kort, email@example.com.