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ECONOMICS FUNDAMENTALS

Anna PAPACCIO ECONOMICS FUNDAMENTALS

0312200096
DEPARTMENT OF POLITICAL AND COMMUNICATION SCIENCES
EQF6
COMMUNICATION SCIENCES
2024/2025

YEAR OF COURSE 1
YEAR OF DIDACTIC SYSTEM 2019
AUTUMN SEMESTER
CFUHOURSACTIVITY
960LESSONS
ANNA PAPACCIO T Curriculum
ExamDate
FONDAMENTI DI ECONOMIA10/12/2024 - 10:00
FONDAMENTI DI ECONOMIA10/12/2024 - 10:00
FONDAMENTI DI ECONOMIA14/01/2025 - 10:00
FONDAMENTI DI ECONOMIA14/01/2025 - 10:00
FONDAMENTI DI ECONOMIA04/02/2025 - 10:00
FONDAMENTI DI ECONOMIA04/02/2025 - 10:00
Objectives
GENERAL OBJECTIVE
THE MAIN OBJECTIVE OF THIS CLASS IS TO DELIVER AN INTRODUCTION TO THE BASIC TOPICS OF MICRO- AND MACROECONOMICS AND TO PROVIDE STUDENTS WITH THE IMMEDIATE TOOLS TO UNDERSTAND AND INTERPRET THE MOST IMPORTANT ECONOMIC ASPECTS OF REALITY. THE COURSE PROVIDES A COMPREHENSIVE OVERVIEW OF ECONOMIC VARIABLES (AND RELATED TECHNOLOGICAL AND SOCIAL FACTORS) IN THE CONTEXT OF NATIONAL, SUPRANATIONAL AND GLOBAL ECONOMIC SYSTEMS. THE COURSE AIMS TO PROVIDE AN ADEQUATE KNOWLEDGE OF THE ACTORS (ORGANISATIONS AND INDIVIDUALS) OPERATING IN THE ECONOMIC SYSTEM AND MARKET AND THEIR BEHAVIOUR.
KNOWLEDGE AND UNDERSTANDING SKILLS
THE STUDENT WILL:
-KNOW THE FUNDAMENTALS AND PRINCIPLES THAT GOVERN MICROECONOMIC DECISIONS;
- UNDERSTAND THE DECISION-MAKING PROCESSES OF ECONOMIC ACTORS AND THE FUNCTIONING MECHANISMS OF NATIONAL AND INTERNATIONAL MARKETS;
-UNDERSTAND MACROECONOMIC PROBLEMS AND THEIR SOLUTIONS;
-THEY WILL DEVELOP AN AWARENESS OF THE FUNCTIONING OF AN ECONOMIC SYSTEM AND THE RELATIONSHIPS BETWEEN MICROECONOMIC AND MACROECONOMIC DECISIONS.
ABILITY TO APPLY KNOWLEDGE AND UNDERSTANDING
THE STUDENT WILL BE ABLE TO
-APPLY THE THEORETICAL KNOWLEDGE ACQUIRED TO CORRECTLY INTERPRET KEY MICRO AND MACROECONOMIC ISSUES;
- APPLY MICRO- AND MACROECONOMIC PRINCIPLES AND MODELS TO THE ANALYSIS OF PHENOMENA INHERENT IN THE BEHAVIOUR OF ECONOMIC AGENTS;
- USE THE KNOWLEDGE ACQUIRED TO DEVELOP SOLUTIONS TO THE MOST IMPORTANT PROBLEMS OF ECONOMIC SYSTEMS.
AUTONOMY OF JUDGEMENT:
-THE STUDENT IS ABLE TO INDEPENDENTLY AND CRITICALLY EVALUATE THE ECONOMIC BEHAVIOUR OF CONSUMERS, BUSINESS STRATEGIES IN DIFFERENT MARKETS AND ECONOMIC POLICY DECISIONS, AND FIND POSSIBLE SOLUTIONS TO REAL ECONOMIC PROBLEMS.
COMMUNICATION SKILLS - THE STUDENT WILL BE ABLE TO ARGUE AND DEBATE APPROPRIATELY (THROUGH GRAPHICAL DEMONSTRATION OF THE THEORETICAL MODELS LEARNT) WHEN ASKED TO COMMENT ON HYPOTHETICAL AND REAL ECONOMIC PROBLEMS, USING TECHNICAL LANGUAGE.

LEARNING SKILLS:
THE STUDENT WILL BE ABLE TO EXPLAIN AND DISCUSS, AT THE MICROECONOMIC LEVEL, CONSUMPTION AND PRODUCTION DECISIONS, MARKET EQUILIBRIUM, MAJOR MARKET FORMS AND POSSIBLE MARKET FAILURES; AT THE MACROECONOMIC LEVEL, PRODUCTION AND ECONOMIC GROWTH AND ISSUES RELATED TO UNEMPLOYMENT, INFLATION, SAVING AND INVESTMENT.
Prerequisites
NO PREREQUISITES ARE REQUIRED, BUT BASIC KNOWLEDGE OF MATHS AND GEOMETRY AT SECONDARY SCHOOL LEVEL MAY BE HELPFUL TO UNDERSTAND THE GRAPHICAL ANALYSIS PREVALENT IN THIS LESSON. THE ANALYTICAL TOOLS USED ARE ELEMENTARY (GRAPHS IN A CARTESIAN AXIS SYSTEM, SIMPLE ARITHMETIC AND ALGEBRAIC EXPRESSIONS, ELEMENTARY EQUATIONS) AND WILL BE RECALLED AT THE BEGINNING OF THE COURSE.
Contents
THE LESSONS ARE DIVIDED INTO TWO MACRO SUBJECTS: MICROECONOMICS AND PRINCIPLES OF MACROECONOMICS.
I. MICROECONOMICS:
1. INTRODUCTION TO POLITICAL ECONOMY: MICROECONOMICS AND MACROECONOMICS. THE ECONOMIC SYSTEM AND THE BASIC PRINCIPLES OF ECONOMIC PROBLEM ANALYSIS. (LECTURES 2 HOURS)
REFERENCES: LECTURER'S HANDOUTS AND CHAPTER 1 D. BESANKO-BRAEUTIGAM-MICROECONOMICS

2. DEMAND, SUPPLY, MARKET EQUILIBRIUM: ENDOGENOUS AND EXOGENOUS VARIABLES, SHIFTS ALONG THE CURVE AND TRANSPOSITIONS OF THE DEMAND CURVE (LESSONS 4 HOURS, EXERCITATIONS 2 HOURS)
REFERENCES: CHAPTER 2 (2.1-2.3) D. BESANKO-BRAEUTIGAM-MICROECONOMICS

3. ELASTICITY OF SUPPLY AND DEMAND: THE CONCEPT OF ELASTICITY IN RELATION TO THE SLOPE OF THE SUPPLY AND DEMAND CURVE. ELASTICITY ALONG THE LINEAR DEMAND CURVE. (LECTURES 2 HOURS)
REFERENCES: CHAPTER 2 (2.1-2.3) D. BESANKO-BRAEUTIGAM-MICROECONOMICS

4. CONSUMER THEORY: THE BUDGET CONSTRAINT. UTILITY FUNCTION, INDIFFERENCE CURVES AND PREFERENCE CHARACTERISTICS. CONSUMPTION DECISIONS, EQUILIBRIUM CHANGES, INCOME EFFECT AND SUBSTITUTION EFFECT. (LECTURES 6 HOURS, TUTORIALS 2 HOURS)
REFERENCES: CHAPTERS 3-4 (4.1-4.2) -5 ( 5.1.-5.2- 5.2.1;5.2.2;5.2.3- 5.3.1) D. BESANKO-BRAEUTIGAM-MICROECONOMICS

5. PRODUCER THEORY: ISOQUANTS AND ISOCOSTS, COST MINIMISATION, PRODUCTION COSTS. (LECTURES 6 HOURS, TUTORIALS 2 HOURS)
REFERENCES: CHAPTERS (6.1-6.2.2; 6.3-6.4.1; 6.4.3;6.5)-(7.2.1-7.2.4; 7.3.1;7.3.3) D. BESANKO-BRAUTIGAM-MICROECONOMICS

6. FIRM BEHAVIOUR AND MARKET STRUCTURES: PERFECT COMPETITION, MONOPOLY, PRICE DISCRIMINATION IN MONOPOLY, MONOPOLISTIC COMPETITION, OLIGOPOLY. (LECTURES 6 HOURS, TUTORIALS 4 HOURS)
REFERENCES: CHAPTER 8; (9.1; 9.2.2; 9.3-9.3.1-9.3.2-9.3.4-9.3.5-9.3.6; 9.4-9.4.1-9.4.2-9.4.3-9.4.4;9.5.2)-(11.1-11.2-11.5-11.6)-(12)-(14.1;14.2) D. BESANKO-BRAUTIGAM-MICROECONOMICS


II. PRINCIPLES OF MACROECONOMICS

7. AGGREGATE PRODUCTION: ANALYSING GDP AND ITS COMPONENTS. (LECTURES 4 HOURS, TUTORIALS 2 HOURS)
REFERENCES: CHAPTER 2.1 AND CHAPTER 3- SCOPRIRE LA MACROECONOMIA. I. QUELLO CHE NON SI PUÒ NON SAPERE. OLIVIER BLANCHARD, ALESSIA AMIGHINI, FRANCESCO GIAVAZZI..

8. THE MARKET FOR GOODS : THE DETERMINATION OF EQUILIBRIUM PRODUCTION (LESSONS 4 HOURS, EXERCISES 2 HOURS).
REFERENCES: CHAPTER 3- SCOPRIRE LA MACROECONOMIA. I. QUELLO CHE NON SI PUÒ NON SAPERE. OLIVIER BLANCHARD, ALESSIA AMIGHINI, FRANCESCO GIAVAZZI.

9. FINANCIAL MARKETS: MONEY DEMAND, MONEY SUPPLY AND EQUILIBRIUM INTEREST RATES (LESSONS 4 HOURS, EXERCITATIONS 2 HOURS)
REFERENCES: CHAPTER 4 - SCOPRIRE LA MACROECONOMIA. I. QUELLO CHE NON SI PUÒ NON SAPERE. OLIVIER BLANCHARD, ALESSIA AMIGHINI, FRANCESCO GIAVAZZI.
10. THE IS-LM MODEL: THE GOODS MARKET AND THE FINANCIAL MARKETS. (LECTURES 4 HOURS, TUTORIALS 2 HOURS)
REFERENCES: CHAPTER 5 - SCOPRIRE LA MACROECONOMIA. I. QUELLO CHE NON SI PUÒ NON SAPERE. OLIVIER BLANCHARD, ALESSIA AMIGHINI, FRANCESCO GIAVAZZI.
Teaching Methods
FRONTAL LECTURES (42 HOURS) AND TUTORIALS (18 HOURS)
THE FRONTAL LECTURES ENABLE THE STUDENT TO ACQUIRE THEORETICAL KNOWLEDGE ABOUT THE BEHAVIOUR OF CONSUMERS, PRODUCERS AND MARKET FORMS IN THE FIELD OF MICROECONOMICS; THEY ALSO ENABLE THE STUDENT TO UNDERSTAND THE MOST IMPORTANT MACROECONOMIC TOPICS. THE TUTORIALS ALLOW THE STUDENT TO DEVELOP THE ABILITY TO APPLY THE ANALYTICAL TOOLS ACQUIRED IN THE LECTURES TO SOLVE MICRO- AND MACROECONOMIC PROBLEMS.
Verification of learning
ACHIEVEMENT OF THE COURSE OBJECTIVES IS CERTIFIED BY PASSING AN EXAMINATION, WHICH IS ASSESSED WITH THIRTY POINTS.
A WRITTEN PARTIAL TEST (DURATION: TWO HOURS, DIVIDED INTO TWO SECTIONS: OPEN THEORETICAL QUESTIONS AND EXERCISES) ON THE TOPICS COVERED IN THE FIRST PART OF THE COURSE IS PLANNED TO GIVE STUDENTS THE OPPORTUNITY TO CHECK THEIR UNDERSTANDING OF THE TOPICS COVERED AND TO ENCOURAGE STUDENTS TO STUDY IN CONJUNCTION WITH THE LECTURES AND EXERCISES.
THE FINAL EXAM, WHICH TAKES PLACE AT THE END OF THE COURSE ON THE DATES SET BY THE UNIVERSITY, CONSISTS OF A WRITTEN AND AN ORAL EXAM, WHICH MAY TAKE PLACE ON DIFFERENT DAYS (THE WRITTEN EXAM IS A PREPARATION FOR THE ORAL EXAM). EACH EXAMINATION IS GRADED IN THIRTIETHS AND IS CONSIDERED PASSED IF THE MINIMUM GRADE IS 18/30. THE FINAL MARK IS THE AVERAGE OF THE MARKS ACHIEVED IN EACH TEST.
THE PURPOSE OF THE WRITTEN TEST IS TO DETERMINE IN A TRANSPARENT AND OBJECTIVE MANNER THE EXTENT TO WHICH THE STUDENT HAS UNDERSTOOD THE THEORETICAL AND METHODOLOGICAL CONTENT SPECIFIED IN THE PROGRAMME AND IS ABLE TO APPLY THE THEORETICAL KNOWLEDGE ACQUIRED. IT AIMS TO VERIFY THE KNOWLEDGE ACQUIRED IN THE LECTURES AND EXERCISES AND INDEPENDENTLY OF THE STUDY OF THE PROPOSED TEXTBOOKS. THE WRITTEN TEST (DURATION: TWO HOURS) CONSISTS OF TWO PARTS. A FIRST PART IN WHICH THE STUDENT IS ASKED TO FORMULATE ANSWERS TO TWO OR MORE OPEN THEORETICAL QUESTIONS ON THE TOPICS OF MICRO- AND MACROECONOMICS. THE ANSWERS SHOULD, IF NECESSARY, BE ACCOMPANIED BY DIAGRAMS AND ANALYTICAL AIDS. IN THE SECOND PART, TWO TASKS ON THE TOPICS OF MICROECONOMICS (MARKET EQUILIBRIUM, EQUILIBRIUM BETWEEN CONSUMERS AND PRODUCERS, MARKET FORMS) AND MACROECONOMICS (NATIONAL ACCOUNTS, EQUILIBRIUM ON THE GOODS MARKET) MUST BE SOLVED. THE ORAL EXAMINATION CONSISTS OF A CONVERSATION WITH QUESTIONS AND A DISCUSSION ON THE THEORETICAL AND METHODOLOGICAL CONTENT SPECIFIED IN THE PROGRAMME IN ORDER TO DETERMINE NOT ONLY THE STUDENT'S LEVEL OF KNOWLEDGE AND UNDERSTANDING, BUT ALSO THE ABILITY TO EXPLAIN THE TOPICS USING THE APPROPRIATE TERMINOLOGY.
THE MAXIMUM MARK (30/30) WILL ONLY BE ACHIEVED ON THE CONDITION THAT THE STUDENT HAS DEMONSTRATED THE LEVEL OF KNOWLEDGE AND ANALYTICAL TOOLS TO ARGUE AND UNDERSTAND THE TOPICS COVERED IN THE BEST POSSIBLE WAY. OUTSTANDING PERFORMANCE REQUIRES THAT YOU ACHIEVE THE MAXIMUM SCORE IN ALL TESTS AND HAVE DEMONSTRATED EXCELLENT REASONING AND LINKING OF THE VARIOUS TOPICS OF MICRO- AND MACROECONOMICS.
Texts
•MICROECONOMIA DI DAVID A. BESANKO, RONALD R. BRAEUTIGAM
•SCOPRIRE LA MACROECONOMIA. I. QUELLO CHE NON SI PUÒ NON SAPERE. OLIVIER BLANCHARD, ALESSIA AMIGHINI, FRANCESCO GIAVAZZI
Lessons Timetable

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