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.
This course continues building on the foundations of Mathematics 1 by introducing students to elementary terms such as linear algebra and linear programming, which are applicable in various areas of economics. Topics covered include linear differential and differential equations, and also a short introduction to game theory. One of the goals of this course is to expand students’ knowledge of integral equations, which they were introduced to Mathematics 1, to help students master the techniques of linear algebra, introduce them to problems of linear programming, and to cover the principles of game theory (games of two players with a zero sum result). All of these themes will be illustrated by examples of their application in the field of economics. Students will also be introduces to software for solving mathematical problems.
In order to conduct any quantitative analysis or primary research, a working knowledge of statistics is vital. This course will introduce students to basic statistical concepts such as random variables, frequency distribution, mode, median, arithmetic means, dispersion measures, probability, and basic distributions of discrete and continued random variables. All topics will be illustrated with examples of their practical use in the areas of economics and business. This course will also help students develop a statistical mindset and to use precise statistic terms in order to communicate their findings. The coursework in Statistics 1 will be further built upon in Statistics 2, which students take in the following semester.
The goal of this course is to introduce participants to the importance of law for economists and particular legal institutes that operate in different branches of law. This course represents a rounded whole, as students are first introduced to public law through an analysis of the most important determinants of constitutional and administrative law, and then are introduces to the basics of property and obligations law, as well as fundamental institutions in the area of labor law, along with methods of solving conflicts between different business entities. As having a health understanding of the basic characteristics of the legal environment is a prerequisite for doing business successfully, learning about law is an imperative for every modern manager.