ISTITUZIONI DI ECONOMIA

Degree course: 
Corso di First cycle degree in Chemical Sciences and Technologies
Academic year when starting the degree: 
2013/2014
Year: 
1
Academic year in which the course will be held: 
2013/2014
Course type: 
Supplementary compulsory subjects
Credits: 
6
Period: 
First Semester
Standard lectures hours: 
48
Detail of lecture’s hours: 
Lesson (48 hours)
Requirements: 

Prerequisites:

This course has no prerequisites. However, some basic mathematics, algebra, and graphing will be used. Students are encouraged to freshen up on these skills

Assessment: 
Voto Finale

Teaching objectives and expected learning outcomes:

By the end of this module, students should be able to: • Explain what it means to ‘think like an economist’. • Understand the role of marginal costs and benefits in making economic decisions at the individual, firm and government level. • Demonstrate the difference between macroeconomic and microeconomic issues. • Apply the tools of economic analysis to a range of issues. • Assess how effective markets are at allocating resources and when there may be a role for government intervention. • Analyse the behaviour of firms and how the degree of competition can explain market outcomes. • Examine the economic performance of nations and use economic theory to explain the progress of economies. • Understand the growing interdependence of nations and how this can be used to offer an explanation for the global nature of the financial crises.

Course program:

Introduction: The object of study; the ten principles of economics Part One: Microeconomics 1. Scope and analysis tools 2. Consumer behavior: tastes and preferences. The indifference curves and the utility function. From the individual budget constraint and utility function to individual and market demand. Market equilibrium, consumer and producer surplus; elasticity of demand. 3. Market equilibrium; Edgeworth box; Pareto equilibrium; social welfare and theorems of welfare economics. 4. Theory of the firm: production and factors of production. Profit maximization, marginal revenue, fixed costs and variable costs. Economics and diseconomies of scale; optimum level of production; optimal combination of inputs in the short and long term. 5. Market structure: perfect competition and social welfare; monopoly and inefficiency of a monopoly market; oligopoly and strategic interactions among economic agents (game theory). 6. "market failures": public goods, externalities (Coase theorem). 7. The labor market and capital markets. Part Two: Macroeconomics 1. The aggregate economic system and the macroeconomy. 2. Classical Macroeconomics and Keynesian macroeconomics. 3. National income, domestic product and value added. 4. The production-income-expenditure cycle and the real markets’ equilibrium. 5. Full employment and potential GDP. Private sector and public spending. 6. Money, prices and inflation. Price indices. 7. Saving, investment and the interest rate. The role of banks and the credit market. Inflation and interest rates. 8. Labour market, economic activity, and the inflation-unemployment relationship. 9. Open economies: international trade, interest rate and exchange rate regimes, the balance of payments and competitiveness of an economy. 10. Macroeconomic policies: monetary policy, fiscal policy, public debt. Sustainability of public debt. 11. Growth and convergence across countries. Developed countries, emerging and developing countries. Poverty traps.

Type of didactic activities:

One three-hour and one two-hour weekly lecture.

Texts and teaching materials: G.N. Mankiw, M.P. Taylor, Principles of Economics. Lecture Slides

Verification of learning skills: Written examination at the end of the course

Professors