Objective: 

• Introduction to basic microeconomic fundamentals to administration students.

Assessment: 

• The final grade consists of: exam ( 100 % ).

Contents: 

• Positive economics, scarcity, choices, opportunity costs, and constraints.
• Legal systems, rules of the game, property rights, spontaneous orders.
• Factors of production, division of labor, and exchange.Importance of innovation. Difference between innovation and technological growth.
• History and benefits of money and credit.
• Costs, prices and consumer preferences.
• Profits, losses and economic calculation.
• Supply-demand framework and its limitations.
• Price controls and socialism. Benefits and limits of economic calculation.
• Balance sheet, profits margins and business planning.
• Uncertainty, risk, and insurance.
• Interest rates, time in production and capitalization.
• Competition and market contestability.
• Bureaus and bureaucracy.
• Economics of the state.

Sources
Recommended reading: 

• None, only lectures.