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Applied economics

Course Code:

1.4

Semester:

1st Semester

Specialization Category:

CGB

Course Hours:

2Θ + 2Ε

ECTS:

5


Lesson Code: 1.4

Semester: 1th Semester

Category: Compulsory

Hours: 2h Theory + 2h Lab

ECTS credits: 5

 

LEARNING RESULTS

The course aims to provide students with an understanding of fundamental concepts and theoretical principles in economic science. It aims to integrate this knowledge into their technological approach, which is essential for enhancing efficiency within the wine sector and wine and beverage businesses. Additionally, the course aims to familiarize students with the practical framework of the economic dimension and its implications, with a particular emphasis on microeconomic and applied economics for wine and beverage businesses, as well as interconnected activities.

After completing the course, students will be able to:

  • develop an understanding of the basic concepts of microeconomic and macroeconomic theory
  • integrate economic dimensions and evaluate issues within the broader wine sector, as well as other beverage industries, and companies directly or indirectly associated with them
  • identify and analyze the implications of economic theory for businesses operating within the broader wine sector

GENERAL SKILLS

  • Search for, analysis and synthesis of data and information, with the use of the necessary technology
  • Working independently
  • Teamwork
  • Working in an interdisciplinary environment
  • Production of free, creative and inductive thinking
  • Decision-making

 

COURSE CONTENT

Theoretical Part of the Course

The theoretical part includes the following sections:

  • Introduction to economics: Scope of economics, needs, wants, and goods
  • The main economic problem: Limits of productive potential, productive potential curve
  • Opportunity cost
  • Demand and supply: Theory of demand and supply, law of demand, law of supply, demand curves, supply curves
  • Elasticities of demand and supply
  • Production and cost of production: Production of goods and factors of production, types of costs – short-term and long-term cost curves
  • Market forms: Full competition and price formation, monopoly market and price formation, imperfect forms of markets (oligopoly, monopolistic competition)
  • Gross Domestic Product (GDP): Real GDP, monitoring employment and inflation
  • Financial activity and money: Financial markets, money, and banks
  • Fiscal and monetary policy
  • Economy and environment

Laboratory Part of the Course

The laboratory part includes the following exercise modules:

  • Narrowness of production factors, production possibilities curve, and opportunity cost
  • Demand and consumption, demand curves, and elasticities of demand
  • Production and supply, variable ratios, supply curves, and elasticities of supply
  • Cost of production, types of costs, short-run and long-run cost curves
  • Market forms: Full competition and price formation
  • Monopoly and price formation in a monopoly
  • Imperfect forms of markets: Oligopoly, prices, and output in oligopoly
  • Monopolistic competition, prices, and output in monopolistic competition
  • Case study on the wine market
  • Case study on the beer market
  • Case study on the soft drinks market

 

STUDENT PERFORMANCE EVALUATION

Language of Evaluation: Greek

Evaluation methods: written examination, oral examination (60%), assignments (40%)

 

RECOMMENDED BIBLIOGRAPHY

Greek bibliography:

  1. Begg, D., Vernasca, G., Fischer, S., Dornbusch, R., Introduction to Economics, 4th Edition, Kritiki Publications, Athens, 2023
  2. Parkin, M., Powell, M. and K., Matthews, Principles of Economics, Kritiki Publications, Athens 2013
  3. Mankiw G. N., Taylor, M. P., Principles of Economic Theory, Gutenberg Publications, Athens 2011
  4. Begg, D., Introduction to Economics, 2nd Edition, Volumes A and B, Kritiki Publications, Athens, 2006
  5. Dermot, McA., Economics for Business Studies, Typotheto Publications, Athens, 2005
  6. Ison, S., Introduction to Economics, Third English Edition, Kleidarithmos Publications, Athens, 2002

Foreign bibliography:

  1. Goodwin, N., Harris, J. M., Nelson, J. A., Rajkarnikar, P. J., Roach, B., & Torras, M., Macroeconomics in context. Routledge, 2022
  2. Browning, E. K., & Zupan, M. A., Microeconomics: Theory and applications: Theory and applications. John Wiley & Sons, 2020
  3. Dewett, K. K., & Navalur, M. H., Σύγχρονη οικονομική θεωρία. Chand Publishing, 2010
  4. Case, K. and Fair, R., Principles of Economics, Pearson Education Limited, 2008
  5. Krugman, P., Wells, R. and Craddy, K., Economics, Worth Publishers Inc., USA, 2007
  6. Sloman, J. and Hinde, K., Economics for Business, Pearson Education Limited, 2006