FUNDAMENTALS OF ECONOMY

(SYLLABUS)

University of Petrosani

Faculty: Faculty of Mines

Program Level: Undergradute

Specialization(s): Economic engineering in mechanical field

Year of study: 4rd

Semester: II (spring semester)

Number of ETCS credits awarded: 3

Class Objectives:

  • Familiarizing the students with the theoretical and practical tools in the field of economy, as modern science, aimed at adapting the business entities to developments in economic reality
  • Development of the skills of analysis and economic studies at the microeconomic level;
  • Knowledge and understanding of the system of economic activity and income;
  • Developing and implementing strategies at the level of entities related to the effectiveness of the economic activity

Lectures content:

Content / Number of lectures
Introduction into the object of economy as a science / 1
Economy as a form of human action / 1
Knowledge of the system of economic activity / 1
Approach of market economy / 2
Behavior of consumers / 1
Demand / 1
Behavior of manufacturers / 1
Offer / 1
Economic efficiency and the productivity of production factors / 1
Market, competition, and prices within modern economy / 2
Salary and profit / 1
Interest and rent / 1

Practical class content:

Content / Number of classes
The use of calculation about the usefulness of economic / 1
Calculation on the relationships the concepts of depreciation and wear and tear of fixed capital / 1
Explain the importance of the knowledge of supply and demand elasticity for the seller, the producer or the consumer-purchaser. The coefficient of elasticity of demand and supply / 1
Use in applications of the main relationship between the volume of supply and demand conditions. Ways of achieving equilibrium price in product markets based on economic report request-offer / 1
Graphical representation of the different cost concepts. The use of calculation of fixed costs, variable (and average) and the marginal cost / 1
Analyze the productivity of factors of production / 1
Nominal wage concepts, real wage price index, the purchasing power of money, price indexing. The importance of maximizing profits for economic entities. Understanding the concepts of simple interest and compound / 1

Grading Policy:

The student pass the class if obtain more than 50 points from 100 points.

Classroom Rules of Conduct:

  • Turn off (or place on vibrate) cell phones and pagers during class
  • Food and beverages are not permitted in classroom
  • During exams, the use of cell phones, pagers, PDAs, or any other electronic devices is strictly prohibited

PhD. Associate Professor: Maria MĂCRIȘ

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