The Economic Environment of Educational Institutions
Ιnstructors: Theodore Palivos and Markos Tselekounis
Purpose
The aim of the course is to introduce students to the basic concepts of economic science. Emphasis is placed on the use of economic analysis as a fundamental tool for studying the allocation of economic resources in social sectors such as education. From this perspective, the impact of economic policy on the decisions of consumers and service providers—such as educational institutions—is also examined. The topics of the course will be analyzed on a theoretical level and discussed in terms of practical applications, especially within the field of education. All concepts on which the course topics are based will be discussed during the lectures. No prerequisites are required for attending the course.
Learning Objectives
Students who successfully complete the course are expected to understand:
- The fundamental problem of resource scarcity
- The determining factors of supply and demand
- Equilibrium analysis in different market structures
- The basic macroeconomic identities
- The determination of Gross National Product
- The functioning of countercyclical policy
Course Topics
- Introduction to Microeconomic Theory (Demand, Supply, Market Equilibrium)
- Price Elasticity of Demand and Supply
- Consumer Behavior
- Production and Cost
- Market Structures
- Introduction to Macroeconomics (Definition and Measurement of Key Variables)
- Aggregate Demand and Aggregate Supply
- Fiscal and Monetary Policy
- Unemployment and Inflation
- Economic Growth
Assessment
Assessment will be based on two written examinations. The first will cover the Microeconomics section, and the second will cover the Macroeconomics section. Each exam will be conducted at the end of the respective section of lectures. Each exam will carry a weight of 50%. The exams will include multiple-choice questions as well as True/False questions.