LECTURE 1

Module: 4ECON005C
Exploring Economics

INTRODUCTION TO ECONOMICS Module Leader:

Oybek Yuldashev
LECTURE OUTLINE
Welcoming note to Module Description Discussions
Exploring Economics
Module Microeconomics vs
Objectives
Macroeconomics
Learning outcomes
Branches of economics
Assessment
Hotly debated questions
Essential Reading
Career questions
SNAPSHOT OF THE MODULE
WHAT IS RECOMMENDED?
Recommended prerequisites Recommended qualities

Foundations of Mathematics Work-life Focus and Physical Right sense

Statistics Hard work balance right
Economics for Economists attitude exercise of humor
 SNAPSHOT OF THE MODULE
WHAT ARE THE LEARNING OUTCOMES?
Practice

Learn to apply
basic micro and
Deepen previous macroeconomic
economic models in
knowledge and explaining real-
Learn key life economic
baseline use more robust
analytical situations
workhorse models
Theory of micro and framework to
macroeconomics evaluate micro
and
macroeconomic
issues
SNAPSHOT OF THE MODULE
WHO IS GOING TO GUIDE/TEACH? WHAT IS THE ASSESSMENT?
Dr. Oybek
Yuldashev

50% 50%

Module
Team

Prof. Tursun Zilola

Shodiev Makhmonova

Group Coursework Final Examination

 SNAPSHOT OF THE MODULE
WHAT TO READ?
Microeconomics Macroeconomics

Reading
Reading

Must read
(Core) Alternatives Must read
(Core) Alternatives

Pindyck & Varian Blanchard et al.

Rubinfeld Intermediate Mankiw

Microeconomics microeconomic theory Macroeconomics
Macroeconomics
SNAPSHOT OF THE MODULE
APPROXIMATE SYLLABUS TO MICROECONOMICS
Lecture 1 - Introduction to economics

Essential mathematical tools Lecture 2 Lecture 3

Lecture 4 - Basic demand and supply analysis

Consumer theory Lecture 5 Lecture 6

Lecture 7 -Individual and market demand

Producer theory Lecture 8 Lecture 9

Lecture 10 - Individual and market supply

Lecture 11 - The analysis of competitive markets

SNAPSHOT OF THE MODULE
APPROXIMATE SYLLABUS TO MACROECONOMICS

Lecture 1 - Introduction to macroeconomics

Lecture 2 National income accounting

The IS-LM model Lecture 3 Lecture 4 Lecture 5 Lecture 6

The aggregate demand and aggregate supply model Lecture 7 Lecture 8 Lecture 9 Lecture 10
SNAPSHOT OF THE MODULE
APPROACHES TO ECONOMIC ANALYSIS
Algebra to make sure that the logic is correct

Graphs to build the intuition

Words to explain the results

DISCUSSIONS
MACROECONOMICS VS MICROECONOMICS
Definitions Focus of Microeconomics Focus of Macroeconomics

Microeconomics is a Individual consumer Population behavior

branch of economic theory
that studies the behavior of
individual economic agents
Macroeconomics is a
branch of economic theory
that examines the economy
on aggregate level or
studies the economy as a
whole
behavior
Firms behavior
Individual firm behavior
Aggregate demand and
Market demand and aggregate supply analysis
supply analysis
 DISCUSSIONS
BRANCHES OF ECONOMICS

Economics

Development International Labor Energy Financial Public Behavioral

economics economics economics economics economics economics economics
DISCUSSIONS
SOME HOTLY DISPUTED QUESTIONS IN ECONOMICS

Why some countries are rich and others are Should the government be active or passive?
poor?
Equity of efficiency?
What determines the level of inequality?
What are the reasons behind gender-gap?
What determines the level of poverty?
How important is openness to trade?
Why some countries growing faster than the
others? How important is climate change?
DISCUSSIONS
WHERE CAN I PURSUE MY CAREER AFTER GRADUATING
WIUT?
Academia? Private sector?
Public sector? International organizations?