Fundamentals of Economics
A.Y. 2019/2020
Learning objectives
The course aims at introducing students to the language and basic concepts of micro- and macroeconomics and to provide the theoretical and methodological tools in order to understand and analyze the main characteristics and dynamics of the economic system as a Whole.
Expected learning outcomes
The course is intended to lead the student to:
- (judgment) develop an analytical method of thought in order to critically assess contemporary economic issues and, eventually, learn to evaluate choices and policies made by policy makers;
- (knowledge and understanding) master the fundamental concepts of the economic theory and the main tools for analyzing the functioning of markets, both at the microeconomic and at the macroeconomic level; gain adequate knowledge of the main stylized facts of current economic
systems, and understand and interpret them in the light of economic theory;
- (ability to apply knowledge and understanding) possess the tools in order to interpret both daily situations and national and international economic dynamics, starting from simple exchange choices made by individuals to the effects of public policies on the welfare of a country.
- (judgment) develop an analytical method of thought in order to critically assess contemporary economic issues and, eventually, learn to evaluate choices and policies made by policy makers;
- (knowledge and understanding) master the fundamental concepts of the economic theory and the main tools for analyzing the functioning of markets, both at the microeconomic and at the macroeconomic level; gain adequate knowledge of the main stylized facts of current economic
systems, and understand and interpret them in the light of economic theory;
- (ability to apply knowledge and understanding) possess the tools in order to interpret both daily situations and national and international economic dynamics, starting from simple exchange choices made by individuals to the effects of public policies on the welfare of a country.
Lesson period: Second semester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Lesson period
Second semester
Course syllabus
The program is divided into two parts:
The first part of the course is aimed at learning the terminology and the fundamentals of economic theory that allow the subsequent deepening of the microeconomic discipline, welfare economics and economics of the public sector.
The second part of the course introduces the study of the functioning of the macroeconomic system as a whole (e.g. growth, unemployment, inflation). In particular, the fundamental elements of national accounting and the financial and monetary economy will be presented. The course aims at deepening and interpret, in light of the notions introduced, some transversal topics, connected to the integrated vision of the Sustainable Development Goals (SDGs) of the UN 2030 Agenda (Goals: 5, 8, 10, 13).
The detailed teaching plan is structured as follows:
Introduction: what is the economy - definition, principles, tools, and methods.
Part I: Microeconomics Topics
Market: Supply and Demand. Equilibrium. Elasticity - Consumer Choice (Budget Constraint and Preferences) and Demand - Cost and Supply Curves - Market Types.
Welfare economics and Public Sector: Surplus - Market failures (Externalities, Public Goods, Asymmetric Information, Market Power); Taxation and subsidies.
Part II: Macroeconomics Topics
Measure the well-being of a nation and the cost of living.
The real economy in the long run (Production and growth - Unemployment - Monetary system and inflation - Impact of monetary and fiscal policies).
Short-term economic fluctuations.
The first part of the course is aimed at learning the terminology and the fundamentals of economic theory that allow the subsequent deepening of the microeconomic discipline, welfare economics and economics of the public sector.
The second part of the course introduces the study of the functioning of the macroeconomic system as a whole (e.g. growth, unemployment, inflation). In particular, the fundamental elements of national accounting and the financial and monetary economy will be presented. The course aims at deepening and interpret, in light of the notions introduced, some transversal topics, connected to the integrated vision of the Sustainable Development Goals (SDGs) of the UN 2030 Agenda (Goals: 5, 8, 10, 13).
The detailed teaching plan is structured as follows:
Introduction: what is the economy - definition, principles, tools, and methods.
Part I: Microeconomics Topics
Market: Supply and Demand. Equilibrium. Elasticity - Consumer Choice (Budget Constraint and Preferences) and Demand - Cost and Supply Curves - Market Types.
Welfare economics and Public Sector: Surplus - Market failures (Externalities, Public Goods, Asymmetric Information, Market Power); Taxation and subsidies.
Part II: Macroeconomics Topics
Measure the well-being of a nation and the cost of living.
The real economy in the long run (Production and growth - Unemployment - Monetary system and inflation - Impact of monetary and fiscal policies).
Short-term economic fluctuations.
Prerequisites for admission
Basic skills in mathematics and logic.
Teaching methods
Frontal lessons and individual study.
The course will address different topics of economic science through a mainly descriptive and not very formalized approach with the help of graphs, examples and applications drawn from real world and daily experience.
The first lessons will be dedicated to providing the basic mathematical tools for a complete understanding of the topics covered in the following lectures.
The course will address different topics of economic science through a mainly descriptive and not very formalized approach with the help of graphs, examples and applications drawn from real world and daily experience.
The first lessons will be dedicated to providing the basic mathematical tools for a complete understanding of the topics covered in the following lectures.
Teaching Resources
N.G.Mankiw, M.C.Taylor, Principi di economia, VII edizione, Zanichelli, 2018 or N.G.Mankiw, L'essenziale di economia, Zanichelli, 2016.
The teaching materials used by the teacher (slides) and other additional materials will be made available during the lessons.
The chapters not covered in class are excluded from the exam program and explained in details by the teacher during the course.
The teaching materials used by the teacher (slides) and other additional materials will be made available during the lessons.
The chapters not covered in class are excluded from the exam program and explained in details by the teacher during the course.
Assessment methods and Criteria
The exam consists of a single written test covering the entire program.
The written test is aimed at verifying the students' disciplinary knowledge and interpretative and argumentative skills as well as the reasoning skills based on the theoretical tools presented during the course.
The exam questions include a series of multiple choice and/or true/false questions and an open-ended question, structured in several points. The latter will be a review question and may consist in terminological definitions, short synthetic essays and/or the resolution of simple economic problems.
Criteria for evaluation:
a) knowledge of the topic and relevance of the content requested;
b) argumentative capacity and logical consistency in the conduct of the discussion;
c) clarity and completeness, with particular attention to terminological precision.
The final mark is expressed in 30 points. Each question is worth a variable number of points depending on the question and will be made explicit on the text. The final mark is given by the sum of the points obtained in the answers.
The written test is aimed at verifying the students' disciplinary knowledge and interpretative and argumentative skills as well as the reasoning skills based on the theoretical tools presented during the course.
The exam questions include a series of multiple choice and/or true/false questions and an open-ended question, structured in several points. The latter will be a review question and may consist in terminological definitions, short synthetic essays and/or the resolution of simple economic problems.
Criteria for evaluation:
a) knowledge of the topic and relevance of the content requested;
b) argumentative capacity and logical consistency in the conduct of the discussion;
c) clarity and completeness, with particular attention to terminological precision.
The final mark is expressed in 30 points. Each question is worth a variable number of points depending on the question and will be made explicit on the text. The final mark is given by the sum of the points obtained in the answers.
Teaching Unit 1
SECS-P/01 - ECONOMICS - University credits: 3
Lessons: 20 hours
Teaching Unit 2
SECS-P/01 - ECONOMICS - University credits: 3
Lessons: 20 hours
Teaching Unit 3
SECS-P/01 - ECONOMICS - University credits: 3
Lessons: 20 hours