Essentials of Economics
A.Y. 2022/2023
Learning objectives
The course aims to provide students with the basic theoretical tools useful for analyzing the main dynamics of the economic system at micro and macroeconomic levels.
Expected learning outcomes
Knowledge of the basic elements of economics (language, method, fundamentals) also with regard to international dynamics. The student is able to elaborate autonomously further micro and macroeconomic knowledge at a higher level.
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
Introduction
Reasoning about economics, the ten principles of economics; object and method of economic science; brief review of graphic representations.
Elements of Microeconomics
The functioning of markets: the supply and demand model.
Theory of demand: demand curve, marginal utility, indifference curves, budget line and consumer optimal; derivation of the demand curve.
The elasticity of demand with respect to price.
Markets and adjustments over time; markets with controlled prices: setting maximum and minimum prices.
Theory of production: function of production, factors of production, law of diminishing returns, isoquants and isocosts of production, economies and diseconomies of scale.
Supply theory: production costs, fixed and variable costs, firm and market supply curve, supply elasticity.
Revenues and profit maximisation.
Market forms: monopoly, perfect competition, imperfect competition, market failures and public intervention.
Elements of Macroeconomics
The macroeconomic data.
National income formation and distribution, value added and GDP.
Production and economic growth.
Currency and prices in the long term.
Aggregate supply and demand, unemployment and inflation.
Monetary and fiscal policy (hints).
Reasoning about economics, the ten principles of economics; object and method of economic science; brief review of graphic representations.
Elements of Microeconomics
The functioning of markets: the supply and demand model.
Theory of demand: demand curve, marginal utility, indifference curves, budget line and consumer optimal; derivation of the demand curve.
The elasticity of demand with respect to price.
Markets and adjustments over time; markets with controlled prices: setting maximum and minimum prices.
Theory of production: function of production, factors of production, law of diminishing returns, isoquants and isocosts of production, economies and diseconomies of scale.
Supply theory: production costs, fixed and variable costs, firm and market supply curve, supply elasticity.
Revenues and profit maximisation.
Market forms: monopoly, perfect competition, imperfect competition, market failures and public intervention.
Elements of Macroeconomics
The macroeconomic data.
National income formation and distribution, value added and GDP.
Production and economic growth.
Currency and prices in the long term.
Aggregate supply and demand, unemployment and inflation.
Monetary and fiscal policy (hints).
Prerequisites for admission
Since the course is aimed at first-year students and given the general lack of economic education in the previous course of study, no particular prerequisites are necessary. However, basic notions learned in the teaching of General Mathematics are required
Teaching methods
The teaching consists of 60 hours of lectures. For lectures the teacher makes use of presentations and slides that can be downloaded on Ariel platform.
Teaching Resources
Text adopted: Mankiw N. G. (2021), L'essenziale di Economia. Settima edizione italiana condotta sulla nona edizione americana, Zanichelli.
Alternatively: Mankiw N. G., Taylor M. P. (2018), Principi di microeconomia. Settima edizione italiana, Zanichelli.
Exercise text: Gilli M. (2018), Esercizi svolti di microeconomia. Pearson Italia.
Alternatively: Cappelletti D., Casal S., Soraperra I. (2016), Microeconomia. Domande ed esercizi con soluzioni ragionate, McGraw-Hill Education.
The didactic material used by the teacher during the lessons will be made available on the ariel site of the course.
Alternatively: Mankiw N. G., Taylor M. P. (2018), Principi di microeconomia. Settima edizione italiana, Zanichelli.
Exercise text: Gilli M. (2018), Esercizi svolti di microeconomia. Pearson Italia.
Alternatively: Cappelletti D., Casal S., Soraperra I. (2016), Microeconomia. Domande ed esercizi con soluzioni ragionate, McGraw-Hill Education.
The didactic material used by the teacher during the lessons will be made available on the ariel site of the course.
Assessment methods and Criteria
The examination consists of a written and an oral test.
The written examination consists of closed-ended questions, e.g. multiple-choice, and open-ended questions. The questions aim to verify if the student knows the topics covered during the course and can illustrate and apply them by solving simple numerical exercises, for which only the use of a calculator is allowed (no mobile phones).
The evaluation is expressed in thirtieths. The passing of the written exam is subject to the achievement of a grade of at least 18/30 that allows the student to take a short interview that contributes to the formation of the final grade.
For students enrolled in the year of the course there is an exemption test. Upon passing the exemption test, evaluated in thirtieth grade, a short interview is held that contributes to the formation of the final grade.
The participation of students in the exemption test is discretionary and assessments may be refused.
The written examination consists of closed-ended questions, e.g. multiple-choice, and open-ended questions. The questions aim to verify if the student knows the topics covered during the course and can illustrate and apply them by solving simple numerical exercises, for which only the use of a calculator is allowed (no mobile phones).
The evaluation is expressed in thirtieths. The passing of the written exam is subject to the achievement of a grade of at least 18/30 that allows the student to take a short interview that contributes to the formation of the final grade.
For students enrolled in the year of the course there is an exemption test. Upon passing the exemption test, evaluated in thirtieth grade, a short interview is held that contributes to the formation of the final grade.
The participation of students in the exemption test is discretionary and assessments may be refused.
AGR/01 - AGRICULTURAL ECONOMICS AND RURAL APPRAISAL - University credits: 6
Practicals: 16 hours
Lessons: 40 hours
Lessons: 40 hours
Professor:
Licciardo Francesco