This course continues building on the theoretical foundation of Principles of Economics 1, as in this course students will be introduces to the Macroeconomics, and the terms and foundations of this area of economics. Therefore, this course covers topics such as distribution of income and poverty, basic macroeconomic aggregates and system of national accounts, aggregate supply and demand, multiplier in open and closed economy, the banking system and its significance for economic development, central banks, inflation and price stabilization, indebtedness, open economy – trade, exchange rate policy, comparative advantages and protectionism, and much more. Students will learn how to use basic analytical tools and models in order to critically analyze and interpret aggregate macroeconomic variables, and engage in cross-country comparisons.
The goal of the Financial Accounting course is to introduce students to the principles of applying international accounting standards. Course participants will learn how to use a Chart of Accounts and will learn to apply bookkeeping techniques, which a crucial skill in one wants to understand how to run a company or any other organization. Students will also learn how to create financial reports such as the balance sheet, profit and loss statements, cash flow reports, and reports on changes in equity. During lectures and exercises, students will solve a large number of assignments and case studies that are applicable to real business situations. By actively participating in classes and solving group and individual assignments, student will develop their business decision making skills based on external financial reports.