Markets, trade and global challenges

About this programme

This course covers the fundamental theories and concepts of microeconomics, with a focus on how markets and international trade function. The course examines the role of markets in resource allocation and price determination under perfect competition, emphasizing how the market mechanism achieves an effective allocation of resources. It then explores the impact of trade policies and agreements on various stakeholders, including producers, consumers, and governments. The course also covers market failures and how they can cause global challenges, providing examples of these failures and their effects. Students will learn about taxes, subsidies, and other market interventions and how they can affect market equilibrium and address market failures. During the course the students will use graphical and mathematical tools to analyze microeconomic problems and gain a basic understanding of how to estimate demand. Throughout the course, students will study microeconomic theories and concepts related to real-world situations and cases. They will discuss policies aimed at addressing global challenges such as sustainability and inequality. Effective communication of economic ideas and arguments, both in writing and orally, is a key part of the course. The course also covers the limitations of economic models and theories in explaining real-world phenomena, with a particular focus on developing an awareness of social, environmental, and ethical issues associated with trade and markets. By the end of the course, students will have a solid understanding of microeconomic theory and its