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Theory of Microeconomics
Study Course Description
Course Description Statuss:Approved
Course Description Version:1.00
Study Course Accepted:02.04.2024 15:17:05
| Study Course Information | |||||||||
| Course Code: | SZF_083 | LQF level: | Level 6 | ||||||
| Credit Points: | 3.33 | ECTS: | 5.00 | ||||||
| Branch of Science: | Economics; Microeconomics | Target Audience: | Marketing and Advertising | ||||||
| Study Course Supervisor | |||||||||
| Course Supervisor: | Olga Veilande | ||||||||
| Study Course Implementer | |||||||||
| Structural Unit: | Faculty of Social Sciences | ||||||||
| The Head of Structural Unit: | |||||||||
| Contacts: | Dzirciema street 16, Rīga, szf rsu[pnkts]lv | ||||||||
| Study Course Planning | |||||||||
| Full-Time - Semester No.1 | |||||||||
| Lectures (count) | 8 | Lecture Length (academic hours) | 2 | Total Contact Hours of Lectures | 16 | ||||
| Classes (count) | 6 | Class Length (academic hours) | 2 | Total Contact Hours of Classes | 12 | ||||
| Total Contact Hours | 28 | ||||||||
| Part-Time - Semester No.1 | |||||||||
| Lectures (count) | 5 | Lecture Length (academic hours) | 2 | Total Contact Hours of Lectures | 10 | ||||
| Classes (count) | 4 | Class Length (academic hours) | 2 | Total Contact Hours of Classes | 8 | ||||
| Total Contact Hours | 18 | ||||||||
| Study course description | |||||||||
| Preliminary Knowledge: | Knowledge of basic economics at the secondary school level, mathematics. | ||||||||
| Objective: | To provide students with an overview of the theory of microeconomics, linking it to possibilities of practical application of this theory, evaluating alternatives and making sound economic decisions. This approach helps students better understand not only the importance of microeconomic theory but also anticipate the consequences of their own actions and those of other economic agents by critically evaluating the decisions made in different situations of the public economic life. | ||||||||
| Topic Layout (Full-Time) | |||||||||
| No. | Topic | Type of Implementation | Number | Venue | |||||
| 1 | Micro- and macroeconomics. | Lectures | 1.00 | auditorium | |||||
| 2 | Scantiness of resources. | Lectures | 1.00 | auditorium | |||||
| 3 | Alternative costs. | Lectures | 1.00 | auditorium | |||||
| 4 | Economic systems. | Lectures | 1.00 | auditorium | |||||
| 5 | Market system. Market failures and the role of the State in the economy. | Lectures | 1.00 | auditorium | |||||
| 6 | Emerging economy. | Lectures | 1.00 | auditorium | |||||
| 7 | Demand and supply. Demand and supply flexibility. | Lectures | 2.00 | auditorium | |||||
| 8 | Consumer behaviour in the market and ultimate validity. | Classes | 1.00 | auditorium | |||||
| 9 | Organisation of production. | Classes | 1.00 | auditorium | |||||
| 10 | Earnings and cost of production. | Classes | 1.00 | auditorium | |||||
| 11 | Competition and market structure. | Classes | 1.00 | auditorium | |||||
| 12 | Company behaviour in the market of perfect and imperfect competition. Market for production resources. Distribution of income. | Classes | 2.00 | auditorium | |||||
| Topic Layout (Part-Time) | |||||||||
| No. | Topic | Type of Implementation | Number | Venue | |||||
| 1 | Micro- and macroeconomics. | Lectures | 1.00 | auditorium | |||||
| 2 | Scantiness of resources. | Lectures | 1.00 | auditorium | |||||
| 3 | Alternative costs. | Lectures | 1.00 | auditorium | |||||
| 4 | Economic systems. | Lectures | 1.00 | auditorium | |||||
| 5 | Market system. Market failures and the role of the State in the economy. | Lectures | 1.00 | auditorium | |||||
| 8 | Consumer behaviour in the market and ultimate validity. | Classes | 1.00 | auditorium | |||||
| 9 | Organisation of production. | Classes | 1.00 | auditorium | |||||
| 10 | Earnings and cost of production. | Classes | 1.00 | auditorium | |||||
| 11 | Competition and market structure. | Classes | 1.00 | auditorium | |||||
| Assessment | |||||||||
| Unaided Work: | Development of summaries, a report. Reports: 1. Examples of positive and normative microeconomics in the economy of Latvia (Estonia, Lithuania). 2. Examples of supply and demand shocks in the economy of Latvia (Estonia, Lithuania). 3. RSU student budget line and benefits. 4. Elasticity of demand in the Latvian market (student’s choice of goods / services). 5. Changes in the Engel curve in Latvia as average earnings change. 6. Advantages of working time and free time in Latvia and impact thereof on labour supply. 7. Production function and types of production resources. 8. Long-term capital problems in Latvia. 9. Productivity assessment of the Latvian economy. 10. Perfect competition opportunities in Latvia. 11. Characterisation of corporate finance in Latvia. 12. Possibilities of surplus consumption in Latvia. 13. Possibilities of producer surplus in Latvia. 14. Examples of price discrimination in Latvia. 15. Monopolies and oligopolies in Latvia. 16. Patents in Latvia. 17. Cartels in Latvia. 18. Possibilities of optimal consumption in Latvia. 19. Possibilities of estimating the net present value of a project in Latvia. 20. Social welfare and poverty in Latvia. 21. Tax policy in Latvia, Lithuania, Estonia. 22. Tax reform in Latvia in 2017, elements of its progressiveness. 23. Optimal amount of taxes in Latvia. 24. Examples of behavioural economics in Latvia. 25. Government errors and success in the behavioural economics in Latvia. 26. The health care system: costs and benefits. Public and private funding. 27. Pension system in Latvia: my pension in 2060. 28. Three steps towards inclusive growth in Latvia. 29. Opportunities for changes in Latvian income deciles. In order to evaluate the quality of the study course as a whole, the student must fill out the study course evaluation questionnaire on the Student Portal. | ||||||||
| Assessment Criteria: | Report – 20%, Summaries – 20%, Activities and tests in seminars – 20%, Exam – 40%. | ||||||||
| Final Examination (Full-Time): | Exam (Written) | ||||||||
| Final Examination (Part-Time): | Exam (Written) | ||||||||
| Learning Outcomes | |||||||||
| Knowledge: | On study course completion, students are able to list the regularities of the functioning of the market system, identify market failures, define the role of the state in the economy, as well as to find motivation for producer and consumer activities in conditions of competition and scantiness of resources. | ||||||||
| Skills: | On study course completion, students will be able to explain the regularities of the functioning of the market system, to explore alternatives to the use of limited resources. | ||||||||
| Competencies: | Students will be able to classify sets, perform economic interpretation of matrices, explain function research algorithm, define concepts of financial mathematics. | ||||||||
| Bibliography | |||||||||
| No. | Reference | ||||||||
| Required Reading | |||||||||
| 1 | Baumol, W. J. and Blinder, A. S. 2011. Economics Principles and Policy. 12th ed. South-Western Cengage Learning | ||||||||
| 2 | Bikse, V. 2007. Ekonomikas teorijas pamatprincipi. Rīga: Izglītības soļi | ||||||||
| 3 | Gods, U. 2008. Mikroekonomika. Rīga: Turība | ||||||||
| 4 | Nešpors, V. 2012. Mikroekonomikas teorijas pamati. Rīga | ||||||||
| 5 | Mankiw, N. G. and Taylor, M. P. 2011. Economics. 2nd ed. Cengage Learning EMEA | ||||||||
| 6 | OECD, 2019. OECD Economic Surveys: Latvia 2019, OECD Publishing, Paris | ||||||||
| 7 | Piketī, T. 2015. Kapitāls 21. gadsimtā. Rīga: Francijas institūts | ||||||||
| 8 | Rifkins, Dž. 2004. Jaunās ekonomikas laikmets. Rīga: Jumava | ||||||||
| 9 | Škapars, R. 2003. Mikroekonomika. Rīga: LU | ||||||||
| 10 | Škapars, R. 2007. Mikroekonomika. Loģiskās shēmas. Rīga: Hansabanka | ||||||||
| Additional Reading | |||||||||
| 1 | LR Centrālās Statistikas Pārvaldes datu bāzes. | ||||||||
| 2 | Begg, D., Fisher, S. and Dornbuch, R. 2008. Economics. 9th ed. McGRAW-HILL BOOK Company. | ||||||||
| 3 | Dzelmīte, M. Volodina, M. 2004. Mikroekonomika. Rīga: Izglītības soļi | ||||||||
| 4 | Nešpors, V., Ruperte, I., Saulītis, J. 2003. Mikroekonomika. Rīga: Kamene | ||||||||
| 5 | Mankiw, N. G. 2008. Principles of economics. 6th ed. The Dryden Press | ||||||||
| 6 | McConnell, C., Brue, S. and Flynn, S. 2008. Microeconomics. 18th ed. McGRAW-HILL/Irwin | ||||||||
| 7 | Parkin, M., Bade, R. 2008. Microeconomics. 4th ed. Addison-Wesley Publishers Limited | ||||||||
| 8 | Perloff, J. 2012. Microeconomics. 6th ed. Pearson. | ||||||||
| 9 | Snyder, C. and Nicholson, W. 2012. Microeconomic Theory. Basic principles and Extentions. 11th ed. South-Western, Cengage Learning | ||||||||
