The course starts with a basic but rigorous introduction to economic concepts and tools of analysis. It then moves on to discuss introductory microeconomic supply and demand analysis and different market structures.

The macroeconomic section of the course commences with the circular flow of income and the multiplier which are used as the basis for a discussion of the impact of government activity and foreign trade upon economic activity. We then turn to the consideration of money, banking and monetary policy and the effect of these upon the level of economic activity. This leads into an overview of IS/LM analysis, of the different schools of macroeconomic thought and finally of introductory issues of international trade.

Throughout the course, we will reflect the textbook’s approach of seeking to relate the theory covered to current data on the Swiss and world economies

Learning Outcomes

Discuss and explain the problems of, and the difference between macro and microeconomics,  including the basic theories of demand and supply.

Describe the fundamental principles of and also the workings of the international trade system.

Explain and evaluate the Keynesian, Classical and Monetarist schools of thought, and the models to which they give rise; and the concept of national income as a measure of societal well-being. Evaluate  the  rationale  for  the  various  forms  of  Government

Intervention in the economy, and provide analyses of the likely effects of fiscal and monetary policy in each of the different models upon all of the important macroeconomic variables  (e.g. employment, national income, output, and inflation).

Apply supply and demand analysis to the working of markets both in equilibrium and disequilibrium, including examination of the effects of such matters as price restrictions, quotas, and taxation.

Demonstrate the effects of different market structures (perfect competition, monopoly, monopolistic competition, and oligopoly) upon the conduct (particularly pricing policy) and performance of business organizations, and give examples of the forms and effects of government intervention in this area.

Apply economic theories to a range of business problems and suggest possible solutions based on these theories.

Apply quantitative techniques too well-specified problems.

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