40430 - Principles of economics

Learning outcomes

This course provides a non-technical introduction to the main ideas of Economics. After taking this course students will be able to face alone further Macroeconomics and Microeconomics topics.

Course contents

This class will cover the following topics:

 

Introduction:

Thinking like an economist. Ten principles of economics. (2 hours)

Interdipendence and the gains from trade. (2 hours)

 

Microeconomics:

How markets work: the forces of supply and demand. (2 hours)

Implications for government policies. (2 hours)

Compettitive markets and economic efficiency. (2 hours)

The effects of international trade on social welfare. (2 hours)

Market failures and the role of the public sector: externalities and public goods. (2 hours)

Firm behavior: the costs of production, firms in competitive markets, monopoly. (6 hours)

Monopolistic competition. (2 hours)

Oligopoly and game theory. (2 hours)

 

Macroeconomics:

The data of macroeconomics: the nation's income, the cost of living and the unemployment. (6 hours)

Production and growth. (2 hours)

Money and prices in the long run. (2 hours)

Aggregate Demand and Aggregate Supply. (2 hours)

The Influence of Monetary and Fiscal Policy on Aggregate Demand. (2 hours)

Readings/Bibliography

N. Gregory Mankiw, Mark P. Taylor, Essentials of Economics, 6th Italian Edition, Zanichelli 2021.

Teaching methods

The lessons will be offered in class unless the University of Bologna will decide otherwise.

 

 

Assessment methods

The exams will be offered in presence, unless the University of Bologna will decide otherwise.

Written exam (90 minutes). The exam will include 3 to 4 open questions. Hand calculators will be allowed, while any use of cell phones, books, notes  or anything else  will be strictly forbitten.

Academic dishonesty in any form will not be tolerated.

Students are required to attend at least 70 per cent of the scheduled classes, unless they are taking this class as an elective.

The grade will go from 30 to 18, depending on the level of understanding of the relevant material, and the quality of the writing output. The student has the right to refuse the passing grade obtained only once.

30-27

-Outstanding grasp of the course material.

-Excellent writing output

26-23

-Substantial understanding of the course material.

-Good writing output

25-22

-Decent understanding of the course material.

-Decent writing output

21-18

-Sufficient understanding of the course material.

-Sufficient writing output.

Negative assessment

-Scarce understanding of the course material.

-Scarce writing output.

Teaching tools

Blackboard and chalk.

Office hours

See the website of Luciano Messori