Fundamentals of Economics

A.Y. 2021/2022
9
Max ECTS
60
Overall hours
SSD
SECS-P/01
Language
Italian
Learning objectives
The course aims to provide the student with a cultural dimension and a series of technical tools essential both for a concrete and current understanding of the legal problem and, more generally, for a realistic knowledge of the economic and social aspects of the contemporary world. The course therefore aims to provide an introductory conceptual system to the fundamental questions concerning the organization and functioning of modern economic systems. The emphasis is on the need for a critical orientation in the examination of the various problems and on the methodological need to have some simple, but rigorous, tools for analysis of reality. More precisely, the course aims to provide students with the basic notions of micro-economics and macro-economics so that they will be able to: - acquire knowledge and understand the mechanisms underlying the economic agents' choices in the different markets and the economic rules for the functioning of a national economy; - apply this knowledge and understanding in the solution of simple economic problems: - analyze, evaluate and comment in a conscious and critical way, with autonomy of judgement, the main micro and macroeconomic facts, through the knowledge and the competences acquired; - develop communication skills, participating with awareness and language ownership in the debate proposed in the classroom on the economic problems that will be stimulated by the teacher during the discussion of any topics; - finally, through the knowledge of the course program, develop their learning skills in relation to the study of other disciplines.
Expected learning outcomes
- Knowledge and understanding skills: the students will develop knowledge and will have to demonstrate understanding of the mechanisms that underlie the choices of economic operators in the different markets and the economic rules for the functioning of a national economy; - Application skills: during the frontal lessons will be offered the possibility to apply knowledge and understanding through the proposal of simple and practical economic problems that will be solved in the classroom with the involvement of the students; - Autonomy of judgment: the student, through the knowledge and competences acquired, will then be able to analyze, evaluate and comment in a conscious and critical way, with autonomy of judgment, the main micro and macroeconomic facts, as well as news and reports on economics presented by the media; - Communicative skills: the student will have to develop communication skills by participating with awareness and language properties in the debate proposed in the classroom on economic issues. This ability must, however, emerge during the written evaluation; - Learning skills: knowledge of the proposed program will enable students to develop their learning capacities in relation to the study both of other economic and legal disciplines.
Course syllabus and organization

A-K

Responsible
Lesson period
First semester
TEACHING METHODS
Lecturess will be held in the classroom according to the scheduled time. Depending on the evolution of the epidemic, frontal lectures could be programmed online. Relevant information about lesson structure will be available on the ARIEL website of the course. Please visit it regularly.

PROGRAMME AND REFERENCE MATERIAL
The program and the reference material of the lectures will not change.

ASSESSMENT METHOD AND CRITERIA
Assessment method consists of an write exam comprising the evaluation of the assessment capacity of syllabus.
Course syllabus
Economics studies the social laws concerning the use of scarce resources for the satisfaction of human, individual and collective needs in different historical and institutional contexts. Economics, in fact, is divided into two fundamental cores: microeconomics and macroeconomics
Analytical Course syllabus
What is economics? - Graphical analysis as an indispensable tool to visualize the "economic laws"
- Microeconomics.
The principles behind microeconomic choices: the cost-benefit analysis at the margin - Demand, supply and market equilibrium - The theory of optimal consumer choice -The elasticity of demand - The firm theory: production and cost - The theory of markets: the perfect competition market - The theory of non-competitive markets: Monopoly, Monopolistic competition and oligopoly - Market failures: externalities, public goods and asymmetric information;
- Macroeconomics.
The main macroeconomic variables and the national accounts system - the income-expenditure model and the Keynesian multiplier - The IS-LM model - The Keynesian AD-AS model - the neo-Keynesian model with imperfect competition - The Phillips curve and the causes of inflation in the short and long term- The open macroeconomic systems - International trade theory.
Prerequisites for admission
Basic skills in mathematics and logic.
Teaching methods
Face to face 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.
Teaching Resources
Antonelli G., De Liso N., Guidetti G., Leoncini R., Vitucci Marzetti G., Zamparini L, Economia, 5th edition, Giappichelli Editore, 2019.
Additional teaching materials will be made available by the teachers on the ARIEL platform.
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 basTheed on the theoretical tools presented during the course.
The exam questions include a series of multiple choice and/or true/false questions and open-ended questions, structured in several points. Questions will be review questions 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.
SECS-P/01 - ECONOMICS - University credits: 9
Lessons: 60 hours

L-Z

Responsible
Lesson period
First semester
More specific information on the delivery modes of training activities for academic year 2021/2022 will be provided over the coming months, based on the evolution of the public health situation.
Course syllabus
Economics studies the social laws concerning the use of scarce resources for the satisfaction of human, individual and collective needs in different historical and institutional contexts. Economics, in fact, is divided into two fundamental cores: microeconomics and macroeconomics.
SYLLABUS

Introduction
1. What is economics and why it is interesting.
2 Equations, graphs and tables
Microeconomics
3. The market forces of supply and demand.
4. Demand, supply, equilibrium and economic policy.
5. Elasticity and its applications.
6 The theory of consumer choice
7. Learn in detail about the concepts of Consumer Demand.
8. Production Costs and Firm Profits in the short term
9. Production Costs and Firm Profits in the long term
10 Firm and perfect competition in the short run.
11. Firm and perfect competition in the long run.
12. Production and allocative efficiency in the case of free competition
13. Monopoly
14 Differences between Perfect Competition and Monopoly
15. Monopolistic competition
16. Oligopoly ( Chap. 9)
17. Externalities and property rights. ( Chap.13)
18. Information economics ( Chap. 12)

Macroeconomics
19.The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates. (Chap. 17)
20. The Aggregate Expenditure Model: the components of spending ( Chap.18)
21. Aggregate Expenditure at Economic Equilibrium ( Chap.18)
22. Money and banking (Chap.23, and Chap.25)
23. The monetary policy
24. Deficits, inflation and real revenues
25 The IS-LM model: the real sector
26. The IS-LM model: the monetary sector
27. The IS-LM model: the Macroeconomic equilibrium and economic policies
28. The Phillips curve
29. Exchange rates
30. The balance of payments.
Prerequisites for admission
Basic skills in mathematics and logic.
Teaching methods
Teaching is provided by means of face-to-face lessons designed to present the foundations of microeconomic and macroeconomic theory, including the analysis of case studies and exercises.
Teaching Resources
Corso di Istituzioni di Economia Custom Publishing, McGraw-Hill, a.a. 2021-2022, copertina bianca, per il Corso di Laurea in Mediazione Linguistica e Culturale (Edizione L-Z), Università degli Studi di Milano.
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 skills as well as the reasoning skills based on the theoretical tools presented during the course. More indications and updates will be available on the Ariel website of the course. Please browse it regularly.
SECS-P/01 - ECONOMICS - University credits: 9
Lessons: 60 hours