None, but please note that the groups offered in Block 2 and Block 3 are aimed at students without any background in Economics. The groups offered in Block 1 and Block 4 are aimed at students who have taken economics classes before at high school level. Assessment and examination will be the same across sections, but teaching methods may differ. Students may enroll in either group, but keep this in mind.
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.
To accommodate the large variety of entry levels of students (some did take courses in economics before, others are completely new to the subject) we will offer this course in two varieties. One for novices to economics, the other for those that can and need to be challenged a bit further.
At the end of this course, the student can
describe the main principles of economics,
describe the economic motives of consumers and producers, the market processes and macroeconomic developments,
explain the interdependencies between economic processes and the main features of public economic policy,
identify some (global) economic problems in every day news, relate them to economic concepts and discuss these problems based on economic theory.
Once available, timetables will be published in the e-Prospectus.
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 the following elements:
Final written exam (35%), open questions (Week 8)
Midterm written exam (15%) open questions (Week 4)
Academic Blog Posts (20%), economic analysis of real world event, students write two blogposts according to a schedule designed in week 1.
Online participation in response to Academic Blog Posts, (10%), minimum 5 responses required
Course for novices: Online (multiple choice) tests (10%), (Week 2 – 7)
Course for ‘experienced’ students: Two power point presentations on course material (10%) schedule to be designed in week 1
Class participations (10%), (Week 1 – 7)
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 (2019), Essentials of Economics, 4rd International Student Edition, Boston etc.: McGraw-Hill/Irwin (ISBN 978-1-260—08466-5).
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 Education Coordinator. Interested non-LUC students should contact firstname.lastname@example.org.