COURSE INFORMATION Course Title: INTRODUCTION TO ECONOMICS

Code	Course Type	Regular Semester	Theory	Practice	Lab	Credits	ECTS
BAF 101	A	1	3	0	0	3	5

Academic staff member responsible for the design of the course syllabus (name, surname, academic title/scientific degree, email address and signature)	Dr. Erinda Imeraj eimeraj@epoka.edu.al
Main Course Lecturer (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	Dr. Erinda Imeraj eimeraj@epoka.edu.al , Tuesday 09:30-11:30
Second Course Lecturer(s) (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	Dr. Arjona Lami acela@epoka.edu.al
Language:	English
Compulsory/Elective:	Compulsory
Study program: (the study for which this course is offered)	Bachelor in Banking and Finance (3 years)
Classroom and Meeting Time:	B 32 - 09:40
Teaching Assistant(s) and Office Hours:	NA
Code of Ethics:	Code of Ethics of EPOKA University Regulation of EPOKA University "On Student Discipline"
Attendance Requirement:	75%
Course Description:	This is an introductory microeconomics course. The aim of the course is to develop an understanding of elementary microeconomics analysis and its applications. By the end of the term, the student will have acquired a basic understanding of the main microeconomics topics, including analysis of the consumer, the firm, the economics of public sector and product markets. The material covered as part of this course will help students to organize their ideas about economics.
Course Objectives:	Learning economics at the introducing level. Why we are studying economics? Why do we need science of economics? Basic concepts of economics. Tools of economics. The logic of economics. Markets and government in a modern economy. Basic elements of supply and demand. Applications of supply and demand. Comprehending of economic life, analyzing of firm behaviors and deciding processes, analyzing of factor markets and firms deciding strategies in different markets, analyzing of firm behaviors in monopoly, monopoly competition and oligopoly markets, analyzing factor markets and macroeconomic events at the introduction level.

BASIC CONCEPTS OF THE COURSE

1	Economics
2	Microeconomics
3	Macroeconomics
4	Demand
5	Supply
6	Market Equilibrium
7	Costs
8	Structure of Markets
9	Economics Activity
10	Central Banking

COURSE OUTLINE

Week	Topics
1	Introduction to teaching method, implementation of the course and summary of topics: An introduction of each topic which will be lectured during the semester weeks, also the material needed and the requirements to succeed the course.
2	The fundamentals of economics & Markets and government in a modern economy: In this week the topics explained are related to - Why Study Economics?, The Three Problems of Economic Organization, Society’s Technological Possibilities. (Chapter 1 & 2, pp. 03-45) + Practical Session
3	Demand, supply and market equilibrium: this lecture is dedicated to The analysis of supply and demand which shows how a market mechanism solves the three problems of what, how, and for whom. A market blends together demands and supplies. Demand comes from consumers who are spreading their dollar votes among available goods and services, while businesses supply the goods and services with the goal of maximizing their profits.It includes the study of the Demand and Supply schedule including their equilibrium. (Chapter 3, pp. 45) + Practical Session
4	Price elasticity of demand and supply: Supply and demand can often tell us whether cer- tain forces increase or decrease quantities. But for these tools to be truly useful, we need to know how much supply and demand respond to changes in price. Theoretically and practically will the elasticity of Supply and Demand be studied. (Chapter 4, pp. 65)+ Practical Session
5	Demand and Consumer Behaviour: The results of these individual choices are what underlie the demand curves and price elasticities that we met in earlier chapters. This chapter explores the basic principles of consumer choice and behavior. We shall see how patterns of market demand can be explained by the process of individuals’ pursuing their most preferred bundle of consumption goods. We also will learn how to measure the benefi ts that each of us receives from participating in a market economy. (Chapter 5. pp.84)+ Quiz
6	Production and Business Organization: We first explore the fundamentals of production theory, showing how fi rms transform inputs into desirable outputs. Production theory also helps us understand why productivity and living stan- dards have risen over time and how firms manage their internal activities. (Chapter 6, pp.107) + Practical Session
7	Analysis of Costs: This chapter is devoted to a thorough analysis of cost. First we consider the full array of economic costs, including the central notion of marginal costs. Then we examine how business accountants measure cost in practice. Finally, we look at the notion of oppor- tunity cost, a broad concept that can be applied to a wide range of decisions. This comprehensive study of cost will lay the foundation for understanding the supply decisions of business firms. (Chapter 7, pp.126+ Practical Session
8	Analysis of Perfectly Competitive Markets: This chapter on industrial organization analyzes the behavior of perfectly competitive markets; these are ideal- ized markets in which firms and consumers are too small to affect the price. The fi rst section shows how competitive fi rms behave, after which some spe- cial cases are examined. The chapter concludes by showing that a perfectly competitive industry will be efficient. (Chapter 8, pp. 149)) + Practical Session
9	Midterm Exam
10	Overview of Macroeconomics (ch.19): This chapter will serve as an introduction to macroeconomics. It presents the major concepts and shows how they apply to key historical and policy questions of recent years. (pg. 367)
11	Measuring Economic Activity (ch.20): The single most important concept in macroeconomics is the gross domestic product (GDP), which measures the total value of goods and services produced in a country during a year. GDP is part of the national income and product accounts (or national accounts), which are a body of statistics that enables policymakers to determine whether the economy is contracting or expanding and whether a severe recession or inflation threatens. When economists want to determine the level of economic development of a country, they look at its GDP per capita. (pg.386)+ Practical Session
12	Business Fluctuations and Theory of Aggregate Demand (ch.22): This chapter describes the basic features of the business cycle and presents the simplest theories of output determination. (pg.428) + Quiz
13	Unemployment and Inflation (ch. 29 & 30): This chapter includes two main important macro variables as Unemployment and Inflation, their measurement and effect in the macroeconomic situation of a country. (pg. 589 & 609)
14	Central Banking and Monetary Policy (ch.24): We begin this section by providing an overview of central banking. The next section provides the details about the different tools employed by the central bank and explains how they can be used to affect short-term interest rates. (pg.475) + Practical Session

Prerequisite(s):	NA
Textbook(s):	Economics, P.A. Samuelson - W. D. Nordhaus , 20th ed., Mc Graw-Hill Ins.,2019 Economics, M. Parkin, Pearson; 12 edition (2015)
Additional Literature:	NA
Laboratory Work:	NA
Computer Usage:	NA
Others:	No

COURSE LEARNING OUTCOMES

1	Learning of basic economic concepts and Learning of using tools of economics.
2	Learning of economic system and production possibilities analysis
3	Analyzing of economic deciding processes of a rational consumer in ordinal and cardinal consumption theory
4	Understanding logic of economics and Decision making in the market by consumers and producers.
5	Determination of market, demand, supply functions as mathematically and theoretically, Fixing of elasticity concerning these functions, Comprehending of state intervention on these functionsDecision making in the market by consumers and producers.
6	Learning of firm theory, production theory in short and long term, learning of rational deciding processes directed to profit maximization aim and revenue and cost functions
7	Decision making in the market by consumers and producers.
8	Learning of macroeconomic goals and basic concepts.
9	Measuring economic activity and analyzing different economies.
10	Learning basic concepts on money, central bank and monetary theory.

COURSE CONTRIBUTION TO... PROGRAM COMPETENCIES (Blank : no contribution, 1: least contribution ... 5: highest contribution)

No	Program Competencies	Cont.
Bachelor in Banking and Finance (3 years) Program
1	The students gain the ability to look at the problems of daily life from a broader perspective with an increased awareness of the importance of moral/ethical considerations and professional integrity in the workplace.	4
2	They develop their knowledge and understanding of banking and finance including concepts, theories, and analytical tools that serve both in national and international markets.	3
3	They gain an understanding of the role of financial management in business firms and the essentials of corporate finance and further develop their knowledge in the field.	2
4	They are able to apply valuation models to estimate the price of different financial assets, measure risk and describe the risk-return tradeoff.	2
5	They are provided with the knowledge and understanding of the regulatory framework and functioning of banking system and central banking as well as international banking system.	2
6	They are able to understand and use fundamental economic theories and tools to solve economic problems in banking and financial services industry.	5
7	They have the ability to develop and utilize accounting, financial and economic data as well as other information to solve different business problems by making use of basic mathematical and statistical models.	4
8	They are expected to develop their numerical and IT skills as well as knowledge of databases in order to address the significant development in the delivery and use of financial services known as FinTech.	2
9	They develop their ability to think critically, do research, analyze, interpret, draw independent conclusions, and communicate effectively, both individually and as part of a team.	4
10	They are provided with opportunities to acquire the necessary skills and competencies to develop professionalism in the banking and financial services industry or to move on to further study within the discipline.	4

COURSE EVALUATION METHOD

Method	Quantity	Percentage
Midterm Exam(s)	1	35
Lab/Practical Exams(s)	5	5
Final Exam	1	40
	Total Percent:	100%

ECTS (ALLOCATED BASED ON STUDENT WORKLOAD)

Activities	Quantity	Duration(Hours)	Total Workload(Hours)
Course Duration (Including the exam week: 16x Total course hours)	16	3	48
Hours for off-the-classroom study (Pre-study, practice)	16	2	32
Mid-terms	1	15	15
Assignments	5	3	15
Final examination	1	15	15
Other			0
Total Work Load:			125
Total Work Load/25(h):			5
ECTS Credit of the Course:			5

CONCLUDING REMARKS BY THE COURSE LECTURER

By the end of the semester the students are able to understand the logic behind the problem of economics and the analysis made in the micro perspective. They already distinguish the approach on how the decision making process of an individual or a firm function and is explained.