08325 - Principle of Economics

Learning outcomes

The course aims to introduce the student to the basic tools of economic theory. The study of the fundamental principles of market functioning and operators' behavior, accompanied by the examination of practical cases and concrete examples, will allow to provide explanations and make judgments on the main economic problems of the world in which we live. At the end of the course, the student is expected to have acquired a sufficient knowledge of the basic principles of economic analysis, to be able to understand the general articles of the specialized press and to critically interpret the economic news that are at the center of the national policy debate and international.

Course contents

1. Introduction to the course (reference material: chap. 1,2)

2. Market forces and elasticity (1) (chap. 3,4)

3. Market forces and elasticity (2) (chap. 3,4)

4. The theory of consumer choice (1) (chap.5)

5. The theory of consumer choice (2) and market efficiency (chap. 5,7)

6. Production costs and the supply curve (1) (chap.6)

7. Production costs, the supply curve (2) (chap. 6, 13)

8. Price control (chap.8) 9. Production (chap. 13)

10. Public, commons and meritorious goods (chapter 10)

11. Externalities (chap.11)

12. Monopoly (1) (chap. 14)

13. Monopoly (2) (chap. 14)

14. Oligopoly (1) (chap. 16)

15. Oligopoly (2) (chap. 16)

16. The labor market (chap.17)

17. Exercise

18.Middle term valuation test

19. Inequality (chap.18)

20. Income measures (1) (chap.19,20)

21. Welfare measures and income measures (2) (chap.20,21)

22. Production and growth (chap. 22)

23. Unemployment (chap. 23)

24. The monetary system (chap. 27)

25. Money growth and inflation (chap. 28)

26. Open economy (1) (chap. 29)

27. Open economy (2) (chap.30)

28. Business cycles (chap. 31)

29. Model is-lm (1) (chap. 32)

30. Model is-lm (2) (chap. 32)

31. Aggregate supply and demand (chap.3)

32. Monetary and fiscal policy (1) (chap. 34)

33. Monetary and fiscal policy (2) (chap. 34, 36)

34. Phillips curve (chap. 35)

35. Exercise

36 Second part valuation test

Readings/Bibliography

Principles of economics, N.G. Mankiw; M. P. Taylor, Zanichelli, 2017 (except for chapters 9,12,15,17,25,26,37,38).

Teaching methods

Blended.

The slides represent a support for the teaching and do not represent study material. They absolutely cannot replace the study of the text, which represents the primary source for learning the subject.

Assessment methods

There are two intermediate tests for attending students.

Both tests will be writte and will consist of: - closed questions (33.3% of the evaluation) - short open questions (33.3% of the evaluation) - open question that requires a wide and articulated answer and the performance of a numerical exercise (33.3% of the evaluation).

The structure of the test and the method of delivery will remain the same even for non-attending students who will access the official exams.

Evaluation criterion:

18-23: sufficient preparation and analysis skills but related to a limited number of topics covered in the course, use of an overall correct language;

24-27: technically adequate preparation but with some limits concerning the topics covered, good analytical skills, even if not particularly articulated, expressed in the correct language;

28-30: excellent knowledge of a large number of topics covered in the course, good analytical and critical skills, mastery of specific terminology;

30L: excellent and thorough, exhaustive knowledge of the topics addressed in the course, critical analysis and connection, mastery of specific terminology.

 

Teaching tools

Slides, blackboard, short films.

The slides represent a support for the teaching and do not represent study material. They absolutely cannot replace the study of the text, which represents the primary source for learning the subject, and for this reason they will not be distributed or published online.

Office hours

See the website of Sabrina Pedrini