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: Introduction: the economic science, microeconomics and macroeconomics. Analysis methods of economics, economic systems, economic subjects, human needs and economic goods.
Interdependence and the gains from trade.

Units 2 and 3: Microeconomics principles and tools: demand, supply, elasticity, price, exchange and markets.

Demand theory: consumer's behaviour, demand curves, consumers choice analysis
Production theory: cost analysis
Market structure: perfect competition, monopoly, oligopoly, monopolistic competition.

Unit 4: welfare economics (shorts); public economics (shorts).

Unit 5: Macroeconomics principles and tools: macroeconomic circular flow, national accounting.
The monetary system and inflation.

Unit 6: 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. This oral exam could include exercises or graphic development of some principles.

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. I will suggest you an appropriate textbook asap.

Teaching tools

whiteboard, projector, pc and internet.

Office hours

See the website of Alessandra Castellini