Economics for Lawyers
1st Semester, Course Code: ΜΕΧΘ03
Credits: 7,5
Learning Outcomes
The course consists of two parts, microeconomics and macroeconomics. The first part, microeconomics, introduces students to how economists perceive the world and explains how economists use models to tackle economic problems. It covers the fundamental concepts of supply and demand, market equilibrium and elasticity. It also discusses some basic market structures, such as perfect competition and monopoly. The second part, macroeconomics, introduces students to the fundamental concepts of Gross Domestic Product (GDP), inflation and unemployment. It discusses the mechanics of business cycles, as well as the importance of fiscal and monetary policy. It also explains the costs of inflation.
After the successful completion of the course a student will be able to comprehend:
- to comprehend the basic parameters that determine market equilibrium (level 2).
- to demonstrate a critical understanding of the differences between various market structures
- to have an increased perception of the basic parameters that determine economic prosperity at a country level
- to evaluate the effects of fiscal and monetary policy (level 2).
General Competences
- Decision-making
- Working independently
- Adapting to new situations.
- Production of free, creative and inductive thinking.
Course Content
- The 10 principles of economics.
- Supply, demand and market equilibrium.
- Supply, demand and government policy.
- The concept of elasticity.
- Monopoly
- The measurement of the Gross Domestic Product (GDP).
- Measuring the cost of living.
- Unemployment
- Business cycles.
- The costs of inflation.
Student Performance Evaluation
Final Exam
Bibliography
Suggested Bibliography
- Ν. Gregory Mankiw and Mark P. Taylor. Economics, 5th Edition, 2021.
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