|Semester||Semester 8 – Spring|
The topics covered in the course include:
- Economics and economy.
- Productivity Curve and Market Functioning.
- Microeconomics and Macroeconomics.
- Demand, Supply and the concept of the Market as an Architecture, with technical characteristics and relationships with the Information Economy
- Market equilibrium and imbalance.
- Consumer options and demand decisions.
- Bid decisions
- Cost and supply.
- Perfect competition and pure monopoly.
- Market structure and imperfect competition.
- Energy economy.
- Fuel and energy content.
- Design based on financial indicators.
- Demand management with information from market systems.
- IT and energy infrastructure links.
The course is a basic introduction in the concepts of economics and energy.
The aims of the course are:
- Introduction to the basic concepts of economics and their applications to the energy industry
- Understanding the specificities of energy
- Introduction to the structure of the electricity markets and their architecture as real-time energy pricing mechanisms.
- Discussion of the introductory concepts of fuel economy and energy saving and energy management in financial terms and criteria
- Understanding of the importance of electricity in a country’s progress and growth, and in the contemporary global economy
Upon successful completion of the course students will be able to:
- Have an understanding of the key and critical features of the economic concepts, of energy economics and their relation to the economy
- Comprehend and utilize financial problem solving tools and techniques.
- Analyze and calculate the key elements of the energy market systems
- Have an overall understanding of the processes and methodologies used to energy economy problem solving, and the IT infrastructure of intelligent energy systems, where the real-time demand management primary information derive from energy economics.