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Economics

Course developer

Course abstract

The course provides students with knowledge of the theoretical principles of functioning of an economy and economic causal relationships at both micro and macro level and how to practically apply them, as well as of macroeconomic causal relationships and trends in the world economy.

Learning outcomes and their assessment

Students will be able to:
1. Understand basic macroeconomic problems and causal relationships under constrained resources. Test 1
2. Demonstrate the knowledge of aggregate demand and supply in an economy, the kinds of macroeconomic equilibrium and the consequences of disequilibrium. Test 2
3. Demonstrate the knowledge of the role of fiscal and monetary policies in regulating economic processes. Practical assignments, Test 2
4. Critically assess and constructively analyse a current situation in the field of agricultural sustainability, identify relevant trends and macroeconomic regularities. Independent work – a presentation.
5. Apply microeconomic findings to analysis of the output of an agricultural enterprise. Practical assignments, Test 1
6. Practically calculate production costs, revenues and profits. Practical assignments with calculations
7. Independently analyse macroeconomic indicators, argue the opinion on economic problems and causal relationships in the national economy. Independent work – a presentation.

Course Content(Calendar)

1. Concepts of economics.
2. Market demand and supply.
3. Elasticity of demand and supply.
4. Consumer behaviour in the market.
5. Production and costs.
6. Forms of market competition, the indications thereof.
7. Market for the factors of production.
8. Basic macroeconomic indicators.
9. Aggregate demand and supply.
10. Business cycles of an economy.
11. Inflation. Price indexes.
12. Money and banking. Monetary policy.
13. Fiscal policy.
14. Government budget and tax policy.

15. International economic aspects.

Requirements for awarding credit points

The final mark represents a cumulative assessment comprised of the examination on theory, tests and a presentation. During the semester, the student must take two tests as well as make and present a presentation during practicals and receive only positive marks. The practical assignments given must be 100% completed.

Description of the organization and tasks of students’ independent work

During the first lecture, students are familiarised with the course plan and timeframes for tests. Students must independently do reading assignments before the lecture on a particular topic.
Independent work – a presentation – has to focus on some field of sustainable agriculture that is analysed from the macroeconomic perspective and make forecasts and identify prospects for the agricultural industry (PowerPoint presentation of 8-12 slides).

Criteria for Evaluating Learning Outcomes

The final mark (on a 10-point marking scale) consists of the following pieces of assessment:
1) examination (40%);
2) Test 1 (20%);
3) Test 2 (20%);
4) presentation (20%).

Compulsory reading

1. Besanko D., Dranove D., Shanley M., Schaefer S. Economics of Strategy: International Student Version. 5 thed. Hoboken, NJ: John Wiley & Sons, 2010. 593 p.
2. Mankiw N. G., Taylor M.P. Economics. Special edition. London: Cengage Learning , 2010. 916 p.
3. Williamson S.D. Macroeconomics. Global Edition. Sixth Edition. Harlow, England: Pearson, 2018. 731 p.

Further reading

1. Baumol W.J., Blinder A.S. Economics: Principles and Policy. Cengage learning, 2012. 851 p.
2. McConnell, Campbell R. Macroeconomics: principles, problems, and policies. New York: McGraw-Hill/Irwin, 2012. 499 p.

Periodicals and other sources

1. Eurostat Database: https://ec.europa.eu/eurostat/data/database
2. Latvijas Banka https://www.macroeconomics.lv/
3. Eiropas Centrālā banka https://www.ecb.europa.eu/
4. Eiropas Komisijas statistika https://ec.europa.eu/eurostat/home?
5. Pasaules statistika https://www.worldometers.info/
6. Pasaules banka https://data.worldbank.org/

Notes

Compulsory course for the academic bachelor programme Sustainable Agriculture