Course code Ekon1012
Credit points 6
Total Hours in Course162
Number of hours for lectures32
Number of hours for seminars and practical classes32
Independent study hours98
Date of course confirmation19.06.2019
Responsible UnitInstitute of Economics and Finance
Mg. oec.
The course focuses on analysis of microeconomic problems and develops an understanding of interaction among the basic theoretical and practical principles of a market economy through analysing consumer and producer behaviour motivations in various market situations and under various types of competition. The course also builds up an understanding of efficient resource use under scarcity and in the context of modern economic processes.
Students will be able to demonstrate:
KNOWLEDGE of
the most important concepts and understanding of basic microeconomic problems and relevant regularities under constrained resources; consumer preferences, motivations and behaviours in the market; production costs, the performance of an enterprise and how to achieve a producer equilibrium – a test; the performance of an enterprise and decision making under competition.
SKILLS to
critically assess an economic situation and independently and reasonably draw conclusions by employing the acquired knowledge of basic microeconomic problems and relevant regularities; assess a market situation and the effects of non-price demand and supply factors on change in a market equilibrium; practically calculate production costs, revenues and profits and explain the relationship of marginal cost and marginal revenue; independently apply the acquired knowledge of profit maximisation and cost minimisation under certain types of competition and suggest further actions to be done by the enterprise – discussions and a situation analysis.
COMPETENCES to
independently define and analyse a particular microeconomic problem, describing the market situation and employing relevant microeconomic regularities; argue the decisions made and, if necessary, do an additional analysis of non-price demand and supply factors, make proposals on enterprise performance under various types of competition; assess resource use efficiency at an enterprise and consumer behaviour under constrained resources, explain change in a market equilibrium and identify producer behaviour under various types of competition.
1. Economics as a science - 4h (1 h lecture, 3 h practicals)
2. Concept and types of market - 6h (5 h lectures, 1 h practical)
3. Determination of market equilibrium - 4h (4 h practicals)
4. Test 1 (1 h practical)
5. Nature and types of elasticity - 8h (4 h lectures, 4 h practicals)
6. Consumption theory - 9h (4 h lectures, 5 h practicals)
7. Production - 5h (3 h lectures, 2 h practicals)
8. Production costs – 9 h (4 h lectures, 5 h practicals)
9. Test 2 (1 h practical)
10. Forms of competition - 9h (6 h lectures, 3 h practicals)
11. Market of production resources - 8h (lectures 5 h, 3 h practicals)
Two tests must be passed on the topics: Market equilibrium simulation, an analysis of the factors affecting the equilibrium and Production cost and economic efficiency calculations. The student must take an active part in practicals: discussions, group work and analyses. An examination must be taken at the final stage of the course.
The student must independnetly watch a film about the flow of resources, compare the specific features of various economic systems, find out the shopping habits of the Latvian population, analyze the main non-price factors influencing demand and supply and make an estimate of the resources and costs required to produce a particular product.
The final mark consists of the following pieces of assessment: two tests 20% each, group work and discussions 10% and an examination 50%.
1. Gods U. Mikroekonomika. Rīga, Biznesa augstskola Turība, 2008. 432 lpp
2. Dzelmīte M., Volodina M. Mikroekonomika. Rīga: SIA Izglītības soļi, 2004., 241 lpp
3. Nešpors V. Mikroekonomikas teorijas pamati. Rīga, RTU, 2015., 244 lpp
4. Škapars R. Mikroekonomika (loģiskās shēmas). R.: 2008. 372.lpp
1. Bikse V. Ekonomikas teorijas pamatprincipi: Mācību līdzeklis. Rīga: SIA Izglītības soļi, 2007., 454 lpp
2. Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn. Microeconomics. 21st edition, SBN-13: 978-1259915727ISBN-10: 1259915727It PDF eBook;Digital Book, 2017.- 658 p
3. Jaunzems A. Mikroekonomika : teorija un analīze / Ventspils Augstskola, (Zelta Rudens), 2013. 899 lpp
4. Krilovs L. Ekonomiskās domas retrospekcija. RTU, 2014.- 222 lpp
5. Lībermanis G. Mikroekonomika. – Rīga: Kamene, 2006. 371.lpp
6. Plotkāns A. Cita ekonomika. Rīga, SIA Dienas Grāmata, 2010., 190 lpp
7. Škapars R. Mikroekonomika. R.: LU, 2001. 379 lpp
8. Носова С.С. Экономическая теория. Москва, 2011. 792 с
1. Dienas Bizness: nedēļas laikraksts: Latvijas biznesa avīze. Rīga: Diena: Dagens Industri, 2005-. ISSN 1407-2041.
2. Forbes. Rīga: SK Media. ISSN 1691-6018
3. Kapitāls: žurnāls lietišķiem cilvēkiem: krāsains biznesa un ekonomikas žurnāls. Rīga: Lietišķās informācijas dienests. ISSN 1407-2505.
Compulsory course for the ESAF bachelor programme Economics