Essentials of Economics
A.Y. 2026/2027
Learning objectives
The course aims to provide the bases of the economic theory and, by means of examples, knowledge of the agricultural sector and agro-industrial system necessary for graduate training and in particular for the economics courses of the following two years.
Expected learning outcomes
Knowledge of economic language, method and basics; understanding of articles, essays and debate about economic themes (growth, prices, etc.). At the end of the course, students will be able to apply fundamental economic concepts to evaluate economic decisions, understand market dynamics, and analyze economic policies. This will lead to a critical and practical understanding of economic theories in everyday contexts. Students will also learn to communicate the knowledge they have acquired clearly and coherently, using appropriate economic language. Furthermore, they will develop skills to continue their independent study of economics by identifying useful resources and formulating critical questions, thus fostering continuous learning in the field of economics.
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
Responsible
Lesson period
Second semester
Course syllabus
1. Introduction to Economics - 0.5 ECTS credits
The first part of the course introduces the subject matter and method of economics, providing the basic economic concepts needed to address the subsequent topics. The concepts of needs, economic goods, and scarcity of resources will be covered, with particular attention to the production possibility frontier as a tool for understanding economic choices and the issue of efficient resource allocation.
2. Elements of Microeconomics - 4 ECTS credits
The second part of the course is devoted to the main concepts and tools of microeconomics. Demand and supply of goods, price determination, and market equilibrium will be analysed.
Demand theory will be examined in depth, with reference to marginal utility, indifference curves, the budget constraint, and consumer equilibrium. The derivation of the demand curve with respect to price and income will also be analysed.
Specific attention will be paid to the definition and methods of measuring the price and income elasticity of demand. Markets and their adjustment processes over time will also be examined, as well as the functioning of markets characterized by controlled prices, through the analysis of price ceilings and price floors.
The course will then address production theory, including the production function, factors of production, the law of diminishing returns, isoquants, isocosts, and economies of scale.
Supply theory will subsequently be covered, with particular attention to production costs, the distinction between fixed and variable costs, the firm's and market supply curves, and the elasticity of supply. Revenues and the conditions for profit maximization will also be analysed.
The microeconomics section will also include the study of equilibrium and the main market structures: perfect competition, monopoly, oligopoly, and monopolistic competition. Some applications will be devoted to agricultural markets. Finally, market failures and the reasons for public intervention will be examined.
3. Elements of Macroeconomics - 1.5 ECTS credits
The third part of the course introduces the main topics of macroeconomics. The fundamental macroeconomic objectives and the concepts related to the formation and distribution of national income will be presented. In particular, the three dimensions of the economic system — production, income, and consumption — will be analysed, together with the concepts of value added and Gross Domestic Product.
Production and economic growth, aggregate demand and aggregate supply, unemployment, and inflation will also be covered. The programme also includes an introduction to the functioning of financial markets.
Finally, some elements of international economics will be addressed, with reference to trade theory, international trade, and the balance of payments.
There are no differences in the programme or assessment methods between attending and non-attending students.
The first part of the course introduces the subject matter and method of economics, providing the basic economic concepts needed to address the subsequent topics. The concepts of needs, economic goods, and scarcity of resources will be covered, with particular attention to the production possibility frontier as a tool for understanding economic choices and the issue of efficient resource allocation.
2. Elements of Microeconomics - 4 ECTS credits
The second part of the course is devoted to the main concepts and tools of microeconomics. Demand and supply of goods, price determination, and market equilibrium will be analysed.
Demand theory will be examined in depth, with reference to marginal utility, indifference curves, the budget constraint, and consumer equilibrium. The derivation of the demand curve with respect to price and income will also be analysed.
Specific attention will be paid to the definition and methods of measuring the price and income elasticity of demand. Markets and their adjustment processes over time will also be examined, as well as the functioning of markets characterized by controlled prices, through the analysis of price ceilings and price floors.
The course will then address production theory, including the production function, factors of production, the law of diminishing returns, isoquants, isocosts, and economies of scale.
Supply theory will subsequently be covered, with particular attention to production costs, the distinction between fixed and variable costs, the firm's and market supply curves, and the elasticity of supply. Revenues and the conditions for profit maximization will also be analysed.
The microeconomics section will also include the study of equilibrium and the main market structures: perfect competition, monopoly, oligopoly, and monopolistic competition. Some applications will be devoted to agricultural markets. Finally, market failures and the reasons for public intervention will be examined.
3. Elements of Macroeconomics - 1.5 ECTS credits
The third part of the course introduces the main topics of macroeconomics. The fundamental macroeconomic objectives and the concepts related to the formation and distribution of national income will be presented. In particular, the three dimensions of the economic system — production, income, and consumption — will be analysed, together with the concepts of value added and Gross Domestic Product.
Production and economic growth, aggregate demand and aggregate supply, unemployment, and inflation will also be covered. The programme also includes an introduction to the functioning of financial markets.
Finally, some elements of international economics will be addressed, with reference to trade theory, international trade, and the balance of payments.
There are no differences in the programme or assessment methods between attending and non-attending students.
Teaching methods
Teaching methods include lectures and seminars.
Lectures provide students with a solid foundation in the key concepts, terminology, and definitions of economics, supporting the acquisition of specialized language. Through detailed explanations of theoretical concepts and analytical tools, such as graphs and tables, students learn the main methods of economic analysis and how to apply them to real-world situations.
The lectures cover the main economic paradigms, including elements of microeconomics and introductory aspects of macroeconomics, thereby providing students with a clear understanding of the principles that govern economic dynamics. The use of case studies and practical examples helps students connect theory with practice and better understand current economic issues, such as economic growth and inflation.
Seminars are designed to encourage the reading and critical analysis of economic articles, fostering students' ability to understand, discuss, and interpret complex content. They also aim to improve students' communication and argumentation skills and to strengthen their understanding of the course material. Through the discussion of controversial and current topics, students learn to formulate, support, and defend their opinions, thereby developing their critical thinking and communication abilities.
Attendance is strongly recommended.
Lectures provide students with a solid foundation in the key concepts, terminology, and definitions of economics, supporting the acquisition of specialized language. Through detailed explanations of theoretical concepts and analytical tools, such as graphs and tables, students learn the main methods of economic analysis and how to apply them to real-world situations.
The lectures cover the main economic paradigms, including elements of microeconomics and introductory aspects of macroeconomics, thereby providing students with a clear understanding of the principles that govern economic dynamics. The use of case studies and practical examples helps students connect theory with practice and better understand current economic issues, such as economic growth and inflation.
Seminars are designed to encourage the reading and critical analysis of economic articles, fostering students' ability to understand, discuss, and interpret complex content. They also aim to improve students' communication and argumentation skills and to strengthen their understanding of the course material. Through the discussion of controversial and current topics, students learn to formulate, support, and defend their opinions, thereby developing their critical thinking and communication abilities.
Attendance is strongly recommended.
Teaching Resources
Sloman J., Garratt D. - Essentials of Economics, Pearson (also available in Kindle edition).
Mankiw N.G., Essentials of economics, Pearson.
Supplementary material and slides of the lessons are available on MyAriel Platform.
Mankiw N.G., Essentials of economics, Pearson.
Supplementary material and slides of the lessons are available on MyAriel Platform.
Assessment methods and Criteria
The exam is written and consists of closed-ended questions worth 20 points and open-ended questions, namely 3 questions worth a total of 10 points. The final grade is expressed on a scale of 30, with 30/30 being the highest mark. The duration of the exam is 75 minutes.
The closed-ended questions assess students' general knowledge and understanding of the economic concepts covered in the course, while the open-ended questions are designed to evaluate their ability to understand, elaborate on, and critically discuss these concepts. Specifically, assessment will be based on the clarity of the written responses, the relevance and accuracy of the content, and the students' critical thinking and analytical skills.
The use of calculators or other supporting tools is not required.
Students with certified Specific Learning Disorders (SLD) or disabilities are kindly requested to contact the instructor at least 15 days before the exam date to discuss any individual examination arrangements. In the email, please make sure to copy the relevant office: [email protected] for students with SLD, or [email protected] for students with disabilities.
The closed-ended questions assess students' general knowledge and understanding of the economic concepts covered in the course, while the open-ended questions are designed to evaluate their ability to understand, elaborate on, and critically discuss these concepts. Specifically, assessment will be based on the clarity of the written responses, the relevance and accuracy of the content, and the students' critical thinking and analytical skills.
The use of calculators or other supporting tools is not required.
Students with certified Specific Learning Disorders (SLD) or disabilities are kindly requested to contact the instructor at least 15 days before the exam date to discuss any individual examination arrangements. In the email, please make sure to copy the relevant office: [email protected] for students with SLD, or [email protected] for students with disabilities.
AGRI-01/A - Agricultural and Food Economics, and Rural Appraisal - University credits: 6
Lessons: 48 hours
Professor:
Mazzocchi Chiara
Shifts:
Turno
Professor:
Mazzocchi ChiaraProfessor(s)
Reception:
By appointment.
Celoria 2, Engineering building, office tel. 16488