65872 - Principles of Economics

Learning outcomes

At the end of the course, students will know the basic theoretical instruments necessary to analyse the main economic phenomena both aat the microeconomic and macroeconomic level. Students will be able to understand and analyse consumer behaviour and firm behaviour, market mechanisms and the main issues related to the use of natural resources and environment.

Course contents

Unit 1 (2 hours): Introduction: the economic science, microeconomics and macroeconomics. Tools of economic analysis.

Unit 2 (10 hours): Microeconomics principles and tools. Demand, supply and the market. Elasticity of demand and supply. Consumer’s choice analysis and demand decision.

Unit 3 (10 hours): Cost and supply. Market structure: perfect competition, monopoly, imperfect competition.

Unit 4 (6 hours): Welfare economics (basic elements); government spending and revenue.

Unit 5 (8 hours): Macroeconomics principles and tools. GDP; macroeconomic circular flow; national accounting.

Unit 6 (24 hours): exercises and seminars.

Readings/Bibliography

Main Book:

• Begg D., Vernasca G., Fischer S., Dornbusch R. (2017). Economics. McGraw-Hill (available at the Faculty Library)

Lectures notes and materials recommended by the teacher.

Teaching methods

Lectures and case studies.

The course includes six teaching units: introduction in the first and the last unit is dedicated to seminars and exercises in classroom.

The units 2 and 3 are focused on the microeconomics, the unit 4 on the basis of the welfare economics and the unit 5 deals with macroeconomics (short information).

Assessment methods

Written test about all the issues of the course at the end of the lessons. This test is optional.

The official examination will be oral and it will go on around 30 minutes. The oral examination could include exercises or graphic development of issues.

If someone passed the written test, he could choose to improve his/her performance through the oral examination but in this case the written test score has no longer validity.

Students can make the final exam in English.

Teaching tools

whiteboard, projector, pc.

Office hours

See the website of Alessandra Castellini