78719 - Economics I

Learning outcomes

The successful student should know the basics of microeconomic and macroeconomic analysis. S/he will be able to understand how markets work, to identify relevant market models, and to apply microeconomic principles in looking at the real world; and s/he will be able to understand the basic principles of macroeconomics, and to connect them to the current problems of the macroeconomy, like unemployment, inflation and public debt.

Course contents

Part I: Introduction

   1. General introduction to economics: what is economics?

   2. General introducton to economics: thinking like an economist

   3. The working of markets: supply and demand

   4. The working of markets: elasticity

Part II: Microeconomics

A. Perfectly competitive markets

   5. The consumers' choices

   6. Firms in competitive markets

   7. The efficiency of markets

   8. Government policies

 

B. Imperfect competition

   9. Monopoly

 10. Monopolistic competion

 11. Oligopoly

 

C. Further Topics

 12. Public goods and the trafedy of the commons

 13. Externalities

 14. Asymmetric information

Part III: Macroeconomics

A. Basic Macro ideas

 15. Output, income, and the price level

 16. The labour market and the unemployment rate

 

B. Economic growth and inequality

 17. Basic growth theory

 18. Inequality

 

C. Money and finance

 19. Savings, investment and financial markets

 20. Money supply and money demand

 

D. Economic fluctuations

 21. Business cycles

 22. the ISLM model and aggregate demand

 23. Aggregate demand and aggregare supply

 24. Aggregate demand policies

 25. Inflation and unemployment

 

Part IV: International trade and international macroeconomics

 26. International trade

 27. Macroeconomics and the open economy

Readings/Bibliography

N. Gregory Mankiw and Mark P. Taylor, Economics (latest edition), Cengage Learning, Andover, UK.

Teaching methods

This is a taught course with lectures. Specific classes for exercises and discussion will also be held.

Assessment methods

The exam consists of a written test on the material covered in class. During the lecture period, the possibility of partial assessment will be offered. Students are required to register in advance for the exam through AlmaEsami according to the general rules of the School of Economics and Management. Grading is on a 30 point basis, with minimum pass grade 18/30 (18-23: sufficient; 24-27: good; 28-30: very good; 30 plus distinction: excellent).

Teaching tools

Traditional lectures will be coupled with active students' participation. Handouts will be available for students.
The course is provided with e-learning support.

Office hours

See the website of Corrado Benassi

See the website of Diego Lanzi