The aim:
1. Familiarization with basic microeconomic concepts.
2. Familiarization with the business environment.

Acquired knowledge:
1. Student identifies the basic concepts of microeconomics.
2. Student identifies issues related to the business environment.

Acquired skills:
1. Student distinguishes microeconomic concepts.
2. Student classifies the business environment.

Acquired social skills:
1. Student is able to combine theoretical concepts with everyday business experience.

Course contents: 
1. Positive economics, scarcity, choices, opportunity costs, and constraints.
2. Legal systems, rules of the game, property rights, spontaneous orders.
3. Factors of production, division of labor, and exchange.
4. Importance of innovation. Difference between innovation and technological growth.
5. History and benefits of money and credit.
6. Costs, prices and consumer preferences.
7. Profits, losses and economic calculation.
8. Supply-demand framework and its limitations.
9. Price controls and socialism. Benefits and limits of economic calculation.
10. Balance sheet, profits margins and business planning.
11. Uncertainty, risk, and insurance.
12. Interest rates, time in production and capitalization.
13. Competition and market contestability.
14. Bureaus and bureaucracy.
15. Economics of the state.

Recommended reading: 
1. H. Hazlitt. Economics in One Lesson
2. P. Heyne, P. Boettke, D. Prychitko. The Economic Way of Thinking

Additional reading: 
1. D. Gordon. Introduction to Economic Reasoning