PRINCIPLES OF ECONOMY
Learning outcomes of the course unit
The course offers a comprehensive overview on microeconomics and macroeconomics issues. Another topic of this course is the international economy.
KNOWLEDGE AND UNDERSTANDING: Student will demonstrate knowledge and understanding in microeconomic theory of the firm as well as macroeconomics.
APPLYING KNOWLEDGE AND UNDERSTANDING: Student will be able to apply knowledge and understanding and to have competences demonstrated through devising and sustaining arguments within micro and macroeconomics.
MAKING JUDGEMENTS: Student will have the ability to gather and interpret relevant data within the field of economics to inform judgments and reflection.
COMMUNICATION SKILLS: Students will demonstrate capabilities to communicate information, ideas, problems and solutions within the field of economics.
LEARNING SKILLS: Student will develop those learning skills that are necessary to further develop a solid knowledge base of integrated economic models with a high degree of autonomy.
Course contents summary
After a brief introduction about the economic systems, the course is structured in two main parts. The first one introduces the main issues of microeconomics, that is the individual economic behaviour with a reference to consumers and firms. Specifically, this part examines how these behaviors affect the supply and demand for goods and services.
The second part introduces the main issues of macroeconomics, providing students with the theoretical framework needed to understand the functioning of the economy as a whole.
Finally, a brief introduction to the international economics will be provided (the international trading, the exchange rate, etc.)
INTRODUCTION: What is economy; The economic Systems.
PART I: MICROECONOMICS: Markets, demand/supply and equilibrium, Individual and market demand, Elasticity, Theory of production, Theory of costs, Monopoly, oligopoly, and market structure.
PART II: MACROECONOMICS: Goods and Financial Markets, The Labor Market, The Natural Rate of Unemployment and the Philips Curve, Output and Policy Government, The IS-LM model.
PART III: THE INTERNATIONAL ECONOMY: International trading, Exchange rates.
- Sloman J. e Garrat D., "Elementi di Economia" (VI edizione), il Mulino.
- Any other materials provided by the lecturer.
- Petroni A. e Pavesi F., "Istituzioni di Economia", Editrice Campus Parma.
- Begg D., Vernasca G., Fischer S. e Dornbusch R., “Economia”, McGraw-Hill.
- Sloman J. e Garratt D., "Microeconomia" (IV edizione), il Mulino.
- Blanchard O., Amighini A. e Giavazzi F., “Macroeconomia”, il Mulino.
The class will combine in-class explanation of the background material, problem solving and case discussions. The theory in-class explanations will offers a comprehensive overview on both microeconomics and macroeconomics issues. During the problem solving and case discussions, the student should apply the main concepts acquired during the in-class theory lectures, thus understanding many problems of the functioning of the markets. Before the end of the course, a final practical exercise will be developed, as an example of the final exam.
Assessment methods and criteria
The final exam consists in a written test and an optional spoken test.
The written test covers the whole course program, includes both theory questions and exercises. Only for the student that will attend lectures, it is possible to realize 2 written tests during the course. These written tests will be agreed with students at the beginning of the course, and will have the same structure of the final exam. Students who must take a further oral examination is at the discretion of the lecturer. Each student may require to have this oral exam in order to improve the result obtained with the written test.
Students have to register to the exam, exclusively via internet (https://unipr.esse3.cineca.it) from 60 to 7 days before the exam.
A non-programmable calculator can be used during the exam, but it is not allowed the use of books, notes and other teaching materials.
During the academic year, 7 exams sill be scheduled (in addition to the written tests during the course), divided in three sessions January-February, June-July, and September. Three exams will be planned in the session immediately after the end of the course (January-February), two in the remaining sessions.