Economists develop theories aiming to explain human behavior, especially – although not exclusively – when they operate in the context of markets and market economies. The course Introduction to Economics provides an introduction to the fundamentals of economics as a science, both in micro- as well as in macro-economics.

Microeconomics focuses on the functioning of a single market and the way governments could promote it. Economic phenomena are explained from the perspective of individual behavior in a market setting. When some goods cannot be produced by private firms and sold via the market, the government can take the initiative to provide these goods, e.g. public utilities and collective goods such as dikes, defense, and justice.

Macroeconomics explains the functioning of a set of interrelated markets at the national or the international level. Also in this perspective the potential role of government is introduced e.g.  in keeping a system of markets stable or in reaching economic growth.

In addition to the fundamentals of micro- and macroeconomics also the key topics of international micro- and macroeconomics are introduced in this course. The former discusses among others the conditions under which free trade is efficient and who benefits, while international macroeconomics deals with problems of interdependence of different countries when markets are interrelated. Especially the markets for (foreign) currencies play an important role in this latter perspective.

Format
The class meets twice each week for two hours. A text-book is the base for class meetings. A course book clarifies the tasks the students must fulfill before, during, and after the scheduled meetings. Additional assignments are given in order to apply the theoretical concepts to real-life phenomena.