08325 - Principle of Economics

Learning outcomes

The course aims to introduce students to the basic tools of economic theory. The study of the fundamental principles governing how markets function and how economic agents behave, together with the examination of practical cases and concrete examples, will enable students to provide explanations and form judgments on the main economic issues of the world in which we live.

By the end of the course, students are expected to have acquired sufficient knowledge of the basic principles of economic analysis, to be able to understand general articles in the specialized press, and to critically interpret economic news at the center of national and international policy debate.

Course contents

The course is divided into two modules.

Module 1
52 hours, instructor TBA

1. Introduction to the course

2. Market forces and elasticity

3. The theory of consumer choice

4. The theory of consumer choice (2) and market efficiency

5. Production costs and the supply curve

6. Production decisions for firms

7. Economic policies

8. Public goods, common goods, and merit goods

9. Perfect competition

10. Monopoly

11. Oligopoly

12. The labour market

13. Mid-term assessment

14. Inequality

15. The gains from trade and measures of income

16. Measures of well-being and measures of income

17. Production and growth

18. Unemployment

19. The monetary system

20. Money growth and inflation

21. Open economy

22. Saving and investment

23. IS-LM model + exercises

24. Aggregate demand and aggregate supply

25. Monetary and fiscal policy

26. New topics: circular economy vs. linear economy; capabilities and functionings

Module 2
20 hours, instructor Marco Fabbri

Module 2 aims to explore selected interdisciplinary topics in sociology and economics, introducing students to state-of-the-art empirical methodologies developed in economic analysis, presenting recent studies, and discussing possible future developments.

1. Introduction to economic sociology

2. Causality

3. Institutions

4. Inequality, capabilities, and opportunities

5. Repugnant markets

Readings/Bibliography

L'Essenziale di Economia, N.G. Mankiw; M.P. Taylor, Zanichelli, 2021

The slides used in class will be made available on the platform in the days following the relevant lectures.

Teaching methods

In-person lectures.

The slides are intended as teaching support for the instructor and do not constitute study material. They must not be considered a substitute for studying the textbook, which is the primary source for learning the subject.

Assessment methods

Attending Students:

Two mid-term assessments are scheduled for attending students.

The first assessment will be written and will consist of:

• multiple-choice questions, accounting for 33.3% of the final assessment;

• short open-ended questions, accounting for 33.3% of the final assessment;

• one open-ended question requiring a broad and structured answer, or the completion of a numerical exercise, accounting for 33.3% of the final assessment.

The second assessment consists of a short policy brief on a topic agreed with the teacher that the student will individually submit.

 

Non-attending Students:

The structure of the exam and the method of delivery for non-attending students taking the official exam sessions will follow that of the first assessment for attending students.

Assessment criteria:

18–23: sufficient preparation and analytical skills, but limited to a restricted number of topics covered in the course; use of language that is generally correct.

24–27: technically adequate preparation, though with some limitations regarding the topics covered; good analytical skills, although not particularly detailed, expressed in correct language.

28–30: excellent knowledge of a wide range of topics covered in the course; good analytical and critical skills; command of the specific terminology.

30 with honours: excellent, very thorough, and comprehensive knowledge of the topics covered in the course; critical analysis and ability to make connections; command of the specific terminology.

With regard to the assessment of learning, the use of AI is prohibited for assessment tests carried out in an uncontrolled environment. These will be validated afterwards through the analysis of the work materials produced and mandatorily submitted, including, where applicable, through an oral interview.

Notice for students with specific learning disorders, temporary disabilities, or permanent disabilities: students are advised to contact the relevant University office in good time: https://site.unibo.it/studenti-con-disabilita-e-dsa/it . The office will propose any appropriate adjustments for the students concerned. These adjustments must in any case be submitted to the instructor for approval at least 15 days in advance; the instructor will assess their appropriateness, also in relation to the learning objectives of the course.

Teaching tools

Slides

Office hours

See the website of Marco Fabbri

See the website of Sabrina Pedrini