SCHOOL

ECONOMIC AND REGIONAL STUDIES

ACADEMIC UNIT

DEPARTMENT OF BALKAN, SLAVIC AND ORIENTAL STUDIES

LEVEL OF STUDIES

UNDERGRADUATE

COURSE CODE

ΒΣΑ401-ΙΙ

SEMESTER

Α

COURSE TITLE

PRINCIPLES OF ECONOMICS

INDEPENDENT TEACHING ACTIVITIES
if credits are awarded for separate components of the course, e.g. lectures, laboratory exercises, etc. If the credits are awarded for the whole of the course, give the weekly teaching hours and the total credits

WEEKLY TEACHING HOURS

CREDITS

LECTURES

2

TUTORIALS

2

TOTAL

4

6

Add rows if necessary. The organisation of teaching and the teaching methods used are described in detail at (d).

COURSE TYPE

general background,
special background, specialised general knowledge, skills development

GENERAL BACKGROUND

PREREQUISITE COURSES:

NONE

LANGUAGE OF INSTRUCTION and EXAMINATIONS:

GREEK

IS THE COURSE OFFERED TO ERASMUS STUDENTS

NO

COURSE WEBSITE (URL)

https://openeclass.uom.gr/modules/course_home/editdesc.php?course=BSO131

Learning outcomes

The course learning outcomes, specific knowledge, skills and competences of an appropriate level, which the students will acquire with the successful completion of the course are described.

Consult Appendix A

• Description of the level of learning outcomes for each qualifications cycle, according to the Qualifications Framework of the European Higher Education Area
• Descriptors for Levels 6, 7 & 8 of the European Qualifications Framework for Lifelong Learning and Appendix B
• Guidelines for writing Learning Outcomes

This is an introductory course, which teaches the basic principles of economics.

We study the principles that help understand and clarify the complex choices that households, firms, and society make in pursuit of individual well-being and the greater common good. We explain and analyze the role of markets, government, and other institutions. We critically examine the role of government policies in implementing social welfare at the micro- and macro-economic levels.

We learn the tools and methodologies economists use as social scientists to arrive at economic heories. Case studies and references to real-world economics and policy, primarily from the areas the epartment treats, connect theory with practical application.

The purpose of the course is to develop a series of skills, by teaching tools that allow a better understanding of the problems in today's economic and social environment. At the same time, the  course provides a solid foundation for economic analysis and thinking, useful throughout the studies and subsequent professional career. For some, it can be a foundation for many years of study in

 Finance, Business Administration, and other related fields.

Upon successful completion of the course, students have learned how to maintain constant contact with the educational environment, have acquired skills such as communication, teamwork, adaptability, conflict resolution, flexibility, leadership ability, and analytical problem/exercise solving skills.

General Competences

Taking into consideration the general competences that the degree-holder must acquire (as these appear in the Diploma Supplement and appear below), at which of the following does the course aim?

Search for, analysis and synthesis of data and information, with the use of the necessary technology

Adapting to new situations

Decision-making

Working independently

Team work

Working in an international environment

Working in an interdisciplinary environment

Production of new research ideas

Project planning and management

Respect for difference and multiculturalism

Respect for the natural environment

Showing social, professional and ethical responsibility and sensitivity to gender issues

Criticism and self-criticism

Production of free, creative and inductive thinking

……

Others…

…….

Search for, analysis and synthesis of data and information, with the use of the necessary

 technology

Team work

Working in an interdisciplinary environment

Showing social, professional, and ethical responsibility and sensitivity to gender issues

Criticism and self-criticism

Production of free, creative, and inductive thinking

The course is an introduction to the two branches of Economics, 

Microeconomics and Macroeconomics. In the first part, we deal with Microeconomics, 

that is, the branch that studies how households and firms make decisions, as well as 

how they interact in markets. In the second part, we deal with Macroeconomics, 

the branch that studies the phenomena of the economy, including topics 

like inflation, unemployment, and economic growth and development.

SUBJECTS TO BE COVERED

Week 1: AIM AND OBJECTIVES 

Lecture: Economics - what it studies and why.

Week 2: INTRODUCTION TO ECONOMICS AND METHODOLOGY

Lecture: Economic science and its tools.

Tutorial: Problems and applications

Mankiw & Taylor (MT), chs 1, 2, 19 (pp 429-434).

Begg, Vernasca, Fischer & Dornbusch (BVFD), chs 1, 2.

Krugman & Wells (KW), Part 1: Sections 1, 2, 3

PART I: MICROECONOMICS

Week 3: The operation of markets

Lecture: Demand and supply.

Tutorial: Problems and applications

Mankiw & Taylor (MT), ch. 3.

Begg, Vernasca, Fischer & Dornbusch (BVFD), ch. 3.

Krugman & Wells (KW), Part 2: Sections 5, 6, 7 & Part 5: Section 13.

Week 4: The operation of markets

Lecture: Elasticity and its applications.

Tutorial: Problems and applications

Mankiw & Taylor (MT), ch. 4.

Begg, Vernasca, Fischer & Dornbusch (BVFD), ch. 4.

Krugman & Wells (KW), Part 3: Sections 8, 9, 10.

Week 5: The operation of markets

Lecture: Consumer behavior – Consumer choices and demand.

Key findings on consumer behavior inspired by Behavioral Economics.

Tutorial: Problems and applications

Mankiw & Taylor (MT), chs 5, 12.

Begg, Vernasca, Fischer & Dornbusch (BVFD), ch. 5.

Krugman & Wells (KW), Part 7: Sections 18, 19, 20.

Week 6: The operation of markets

Lecture: The behavior of the firm. Cost and production in the short and long run.

Tutorial: Problems and applications

Mankiw & Taylor (MT), ch. 6.

Begg, Vernasca, Fischer & Dornbusch (BVFD), chs 7, 8.

Krugman & Wells (KW), Part 8: Sections 21, 22, 23.

Week 7: Firm behavior and market structures

Lecture: Perfect competition.

Tutorial: Problems and applications

Mankiw & Taylor (MT), ch. 6.

Begg, Vernasca, Fischer & Dornbusch (BVFD), ch. 9.

Krugman & Wells (KW), Part 9: Sections 24, 25, 26, 27.

Week 8: Monopoly & Market Efficiency and Social Welfare

Lecture: Monopoly. Consumers, producers, and market efficiency.

Tutorial: Problems and applications

Mankiw & Taylor (MT), chs 7, 8, 14.

Begg, Vernasca, Fischer & Dornbusch (BVFD), chs 9, 14.

Krugman & Wells (KW), Part 4: Sections 11, 12 & Part 10: Sections 28, 29.

PART II: MACROECONOMICS

Week 9: The real economy

Lecture: Measuring national welfare. International comparisons and differences. 

Components of aggregate demand.

Tutorial: Problems and applications

Mankiw & Taylor (MT), chs 20, 21.

Begg, Vernasca, Fischer & Dornbusch (BVFD), chs 17, 19.

Krugman & Wells (KW), Part 15: Sections 45, 46, 47, 48.

Week 10: The real economy

Lecture: Economic growth.

Tutorial: Problems and applications

Mankiw & Taylor (MT), ch. 22.

Begg, Vernasca, Fischer & Dornbusch (BVFD), ch. 18.

Krugman & Wells (KW), Part 17: Sections 53, 54, 55.

Week 11: The real economy

Lecture: Unemployment and Inflation.

Tutorial: Problems and applications

Mankiw & Taylor (MT), chs 21, 23, 28.

Begg, Vernasca, Fischer & Dornbusch (BVFD), chs 24, 25, 26.

Krugman & Wells (KW), Part 16: Sections 49, 50, 51, 52.

Week 12: Short-term economic fluctuations

Lecture: Keynesian economic theory.

Tutorial: Problems and applications

Mankiw & Taylor (MT), ch. 32 (not the IS-LM model).

Begg, Vernasca, Fischer & Dornbusch (BVFD), ch. 19.

Krugman & Wells (KW), Part 19: Sections 60, 61, 62.

Week 13: Short-term economic fluctuations

Lecture: Aggregate Demand and Aggregate Supply.

Tutorial: Problems and applications

Mankiw & Taylor (MT), ch. 33.

Begg, Vernasca, Fischer & Dornbusch (BVFD), ch. 24.

Krugman & Wells (KW), Part 20: Sections 63, 64, 65.

DELIVERY
Face-to-face, Distance learning, etc.

Face-to-face.

Each week, 2 hours of lectures and 2 hours of

 interactive learning:

• Check understanding of the material

o multiple choice questions

o simple exercises

• Discussion of current economic issues

Topics covered, assignments, problems/exercises, 

and anything else related to the course are posted in 

the course folder each week before the lecture

 and tutorial, so students have time to prepare.

USE OF INFORMATION AND COMMUNICATIONS TECHNOLOGY
Use of ICT in teaching, laboratory education, communication with students

USE OF ICT IN LECTURES, TUTORIALS, ESSAY

PRESENTATION, COMMUNICATION WITH STUDENTS

TEACHING METHODS

The manner and methods of teaching are described in detail.

Lectures, seminars, laboratory practice, fieldwork, study and analysis of bibliography, tutorials, placements, clinical practice, art workshop, interactive teaching, educational visits, project, essay writing, artistic creativity, etc.

The student's study hours for each learning activity are given as well as the hours of non-directed study according to the principles of the ECTS

STUDENT PERFORMANCE EVALUATION

Description of the evaluation procedure

Language of evaluation, methods of evaluation, summative or conclusive, multiple choice questionnaires, short-answer questions, open-ended questions, problem solving, written work, essay/report, oral examination, public presentation, laboratory work, clinical examination of patient, art interpretation, other

Specifically-defined evaluation criteria are given, and if and where they are accessible to students.

·         FINAL EXAM

·         OPTIONAL CLASS TESTS (2 tests with multiple choice questions) 

bonus 20% of the average mark added to the final grade

·         OPTIONAL TEAM WORK – ESSAY PRESENTATION    
 on a topical issue of students’ choice 

bonus 20% of essay/presentation mark, added to final grade

THE ASSESSMENT METHOD IS PRESENTED AND EXPLAINED THE COURSE
 WEBSITE (as well as all other
 information on the course and its progression)

- Suggested bibliography:

Alternative textbooks:

Οικονομική, MankiwN. G., TaylorP. M., Εκδόσεις Τζιόλα, 2021. [94689228]

Εισαγωγή στην Οικονομική BeggD., VernascaG., FisherS., DornbuschR., Εκδόσεις Κριτική, 2023. [122075454]

Οικονομική σε διδακτικές ενότητες KrugmanP. &WellsR. Εκδόσεις Gutenberg Γ. Δαρδανός - Κ. Δαρδανός Ο.Ε., 2018. [77112350]

- Related academic journals:

Various journals are recommended (in Greek and English) depending on the essay topics.