PRINCIPLES OF ECONOMICS

The course aims at introducing the fundamentals of economic theory.

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KNOWLEDGE AND UNDERSTANDING SKILLS Students at the end of the Course will have proved their understanding of the main microeconomic and macroeconomic relations such as: utility and profit maximization, the effects of commodity taxes, international trade and the principle of comparative advantages, the process of GDP formation. The acquired information set is a fundamental support for the understanding and deepening of the studies of all higher-ranking economic and financial subjects. APPLYING KNOWLEDGE At the end of the Course, Students will be able to interpret and assess key microeconomic and macroeconomic dynamics of the real economy. ABILITY TO DRAW CONCLUSIONS Students will be able to identify the most appropriate models, among those presented in the course, to describe microeconomic and macroeconomic phenomena in their relationship with the real world. COMMUNICATION SKILLS Students will be able to describe economic problems analytically, with the opportunity to refer to the scientific literature proposed in the course. Students will also be able to interact in operational contexts related to economic phenomena, being able to develop analyses through the identification of causality links and the most appropriate methodologies to interpret them. ABILITY TO LEARN At the end of the Course students will master a good degree of understanding of the key tools and concepts of economics that will enable them to tackle studies in the economic and financial sectors at more advanced levels.

Demand and Supply; Comparative statics; Elasticity; Utility maximization; Price, income and substitution effect; Consumer and market demand curve; Profit maximization; Firm and market supply curve; Perfect competition: Short run and long run equilibrium; Surplus; Commodity taxes (incidence); Monopoly; Monopolistic Competition; International Trade; National Accounting; Inflation; Growth

Economics, by N. Gregory Mankiw, Mark P. Taylor, Cengage Learning, 2014 edition (or later editions)

Lectures and exercise classes

La valutazione dello studente avverrà tramite multipla una prova scritta alla fine del corso. Gli studenti hanno anche la possibilita' di sostenere due prove intermedie a risposta multipla. La prova scritta è composta da un mix di domande a risposta aperta, a risposta multipla ed esercizi, con i quali lo studente dovrà dimostrare di conoscere le nozioni teoriche dell’insegnamento di Principles of Economics. Lo studente dovrà dimostrare di saper applicare le notizioni a casi pratici dimostrando di aver conseguito il metodo di studio e la capacità di apprendimento necessari a proseguire anche in autonomia l’approfondimento della materia. La numerosità delle domande di ciascuna di tali tipologie verrà decisa dal docente nel corso dello svolgimento dell’insegnamento e comunicato agli studenti prima dell’esame. Il mancato raggiungimento di un punteggio pari a 18/30 comporta il mancato superamento dell’esame. La risposta corretta a tutte le domande a risposta multipla, la dimostrazione di un livello di preparazione eccellente in tutte le domande a risposta aperta e la corretta esecuzione degli esercizi comporta l’attribuzione di un punteggio pari a 30/30 con l’attribuzione della lode.

Successfully completing the exam

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