The goal of the course is to provide students with a broad range of economic concepts, theories and analytical techniques for being able to address economic arguments and current issues and the behaviour of consumers, producers and governments when making their individual choices within the economic system. The course mainly deals with Microeconomics and Welfare Economics, addressing consumer's choices and market demand, producer's choices of output level and market types, the government's role in a national economy, as a reaction to market failures. According to the objectives of the degree course "International Science and European Institutions", the course will help students to understand the government policy-making process about economic issues and the needs of the different economic units (households and firms) when demanding and supplying goods and services; this will be very useful fot those willing to work in public sector or foreign-oriented firms
Expected learning outcomes
During the course, the students will be introduced to the theoretical and empirical fundamentals of economics, thus being able to address the microeconomic aspects of the economic context and to evaluate the impact of its changes on the choices of the economic agents. On successful completion of the course, students will be able to: ü analyse, describe and explain core economic terms, concepts, and theories, using proper vocabulary, analytical tools, charts, data and graphs; ü understand the most important market mechanisms, such as the drivers of consumers and producers' behaviour and choices, the allocative role of equilibrium, the prices as a result of individual decisions and the different market structures; ü learn to identify welfare issues, market failures and corresponding solution proposals in current economic policy, to evaluate policy impact and design, policy making processes, thus accounting for the role of the government in the economic field; ü use and apply analytical tools and methods in exploring current market economies and develop the ability to identify variables and functions and to use equations, tables and diagrams for modelling reality and everyday life according to an economic perspective.
The course tackles the following main topics. Introduction to Economic Principles. Economic Models and trade-off. Interaction between demand and supply and market equilibrium. Consumer and producer surplus. Opportunity and economic costs. Costs and production. Perfectly competitive markets. Introduction to the analysis of rational consumer. Factor markets and income distribution. Equity and efficiency. Monopoly. Oligopoly. Externalities, pollution, positive externalities. Public goods and common resources. The Welfare State and its objectives.
Prerequisites for admission
No prerequired exam.
Lectures and exercise classes.
Krugman P. e Wells R. : MICROECONOMIA . Zanichelli. 2013