IET105 Economics

Code IET105
Name Economics
Status Compulsory/Courses of Limited Choice; Courses of Free Choice
Level and type Undergraduate Studies, Academic
Field of study Economics
Academic staff Kristīne Gorbunova, Ilze Judrupa, Leonīds Krilovs, Juris Saulītis, Valentīna Strautmane, Normunds Balabka, Aleksandra Mihņenoka, Indra Ruperte
Credit points 3.0 (4.5 ECTS)
Parts 1
Annotation The main problems in Economy. Market system and its elements, determination of production costs using accountant and economist approaches, the main indicators of perfect competition and imperfect competition, the model of macroekonomical flows, economic cycles, monetary policy, fiscal policy, international economic relationships..
Goals and objectives
of the course in terms
of competences and skills
To introduce the economic processes and conformity to natural laws from the point of view of economic agents and different sectors of the national economy. Tasks: to define the main problems in Economy and the general conceptions; to understand the concept of demand and supply, their elasticity and formation of price in different markets; to understand the nature of gross domestic product, gross national product; to clarify the nature of state budgeting and fiscal policy; to clarify the notion of money and monetary policy; to understand the significance of international economic relationships in economy.
Learning outcomes
and assessment
1. Evaluate opportunity costs using accountant and economist approaches and comparing earnings, costs, profit - tasks
2. Design the table including costs per article - test
3. Explain the significance of the market in the economy and distinguish different kinds of market - home work
4. Explain the causes of the development of economic cycles and socio-economic consequences - discussion
5. Describe the fiscal and monetary policy enumerating their mechanisms - test
6. The final assessment - exam
Course prerequisites The subject is based on general knowledge obtained in secondary education establishment

[Extended course information PDF]