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Course Description
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Course Name
Introduction to Economic Thought
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Host University
Anglo-American University
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Location
Prague, Czech Republic
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Area of Study
Business Analytics, Economics
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Language Level
Taught In English
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Course Level Recommendations
Lower
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
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ECTS Credits
6 -
Recommended U.S. Semester Credits3
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Recommended U.S. Quarter Units4
Hours & Credits
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Overview
Course Description
Course is an introduction to economic thought. It introduces basic principles of human action (action, scarcity, costs, possibility frontier, law of diminishing marginal utility, demand, supply, consumption, production) and its consequences. It shows how economy works and introduces basic economics models: pure command economy (purpose-oriented rules, bureaucratic control, problem of economic calculation, principal-agent problem), pure market economy (property rights, exchange, comparative advantage, competition, entrepreneur discovery, firm, money, public goods) and mixed (democratic) economy. It stresses the role of institutions in a society.
Course Learning Outcomes
Upon completion of this course, students should be able to:
- Interpret both everyday situations and issues of economic policy through basic economic concepts;
- Detect unintended consequences of human action (including the ones of economic policy);
- Critically assess the media image of social reality;
- Identify the essential attributes of modern society;
- Distinguish the main streams of the current debate over capitalism.