This course is one of the core introductory subjects in Department’s curriculum which aims in introducing the students in the main theories and principles of economic science, helping them into understanding of the more advance subjects following in the next semester in the Department of geography, for example, Economic geography, Regional Development Economics, Spatial Economics, Economics of Greek Economy, etc., to name just a few. More specifically, within this course, the students will have the opportunity to:

• Understand the main principles in economic theory,
• Understand the main features of the consumer’s theory (demand law), as well as producer’s theory (supply law),
• Understand the entrepreneurial principles, different market structures, and market equilibrium,
• Understand the main principles regarding profit maximization, cost minimization, and business efficiency.

The economic system – behavior and problems. Relationship between consumption and income, savings and income, interest rate and investment . Determination of the national income. Factors affecting the level of employment and of inflation. The dialectic relationship between economic and social dynamics. Introduction to the labor theory of value. Production, value and surplus value. Cyclical movements and capital accumulation. The theory of land rent. Accumulation, economic crises and the role of the state. The socio-spatial dynamics. Urban land, urban land rent and urban land policies in developed capitalistic societies. The urbanization of capital and the production of the built environment. Collective consumption and spatial structure. Labor, capital and class struggles in relation to the built environment. Capital accumulation and uneven spatial development. The dialectic differentiation/equilibrium in the spatial development of capital. From the politicaql economy of space to post-modern approaches. The theory of National Product. The theory of National Income. The theory of National Expenditures. Consumption’ Function and Saving’ Function. Public Sector and Multipliers. Theory and Forms of Investments. The Determinants of Income. Equilibrium in the Market of Goods. Equilibrium in the Money Market. The Determinants of Interest-Rate. Budgetary Policy, Monetary Policy, Income Policy. The Classical Model. The complete Keynesian’s and the News-Keynesian's Models. Neo-Classical Composition. Unemployment Problem. Inflation Problem. Economic Growth and the Theory of Growth. Macroeconomic Analysis, Applications and Case-Studies from the Greek Economy and the European Union.