Fundamental Economics

The course aims to provide basic knowledge in the field of economics, with particular regard to the agrifood sector, the markets of agricultural commodities, and the consumers' behavior. Basic concepts of demand, supply, market, and price will be provided
Moreover, production costs, revenues, and profits will be studied. Different forms of markets will be described, with specific attention to their application in agrifood sector
Finally, the basics of macroeconomics and international trade will be described.
The transversal aim of the course is to provide basic knowledge of economics to enable students to understand economic phenomena at different scales.

1. Understanding of the forces acting in the market, roles and relationships.
2. Understanding of price formation in different forms of market
3. Understanding of the relationship between costs, revenues and profits
4. Understanding of the economic cycle, macroeconomic forces, and role of international trade
5. Ability to understand changes in the economic system and their repercussions on the agri-food sector, on farms and companies, on consumers.