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PRINCIPLES OF ECONOMICS (Module 1 C.I.)
MATTEO BELLETTI

Seat Agraria
A.A. A.A. 2016-2017
Credits 6
Hours 54
Period 1^ semestre
Language ENG
U-gov code (STA SFA) 3I142

Prerequisites

High school algebra and basic geometry

Development of the course

In this module, you will learn the major concepts in microeconomics, macroeconomics and financial markets. Moreover, these concepts will be focused with particular regard to the political economy of natural resources and sustainable development. At an organizational level, the present module is based on 36 hours (4 ECTS) of lectures complemented by 18 hours (2 ECTS) of practice and an ongoing e-learning activity using the Moodle open source platform. The e-learning activity will include: (i) teaching materials composed by different learning units; (ii) Self-assessment tests; (iii) Cooperating and community-based activities aimed to leverage the training process on communication and e-learning feedback; (iv) e-assessment. 

Learning outcomes

Knowledge. In this module, firstly you will acquire the fundamental knowledge about the behaviour of three key economic agents: consumers, firms and government. Analyzing the choices made by these economic agents is one of the main subjects of microeconomics. Secondly, you will study a basic framework for understanding of the macroeconomy. In this regard, a comprehensive outline of the most important macroeconomics concepts such as recession, unemployment, inflation and national accounts will be provided during the module. Finally, the functioning of the financial markets will be afford for understanding origin and development of the current global financial crisis.

Applying knowledge and understanding. The first aim of this module is to provide the aptitude to understand an integrated outline of the world economy with particular regard to the current socio-economic crisis and the climate change. The second aim is to provide a training activity effective in boosting the economical thinking applied to the dilemma of sustainable development in the XXI century. Finally, an essential toolbox to read how the financialization of the globalized economy affects both individuals and society will be provided.

Cross-expertise. (i) Capability in contextualizing a theoretical framework with the aim to read the hidden structure of a complex empirical problem; (ii) Systems thinking: capability in developing the skills to look for the large picture beyond individual perspectives. Systems thinking has been defined as an approach to problem solving that attempts to balance holistic (diffuse) thinking and focused (reductionistic) thinking; (iii) Communication: capability in clearly and exhaustively communicating notions, ideas, problems and technical solutions to interlocutors, either professional or not, representative of the various and specific competencies in the forestry environment (engineer, architect, biologist, administrator).

Program

INTRODUCTION TO MICROECONOMICS (2 ECTS)

The principles of economics, comparative advantage; supply and demand; market efficiency and government intervention; elasticity; production and costs; competitive output; firms with market power; public goods, common resources, and externalities.

INTRODUCTION TO MACROECONOMICS (2 ECTS)

An overview on modern macroeconomics; macroeconomic data and the economics of free trade; gross domestic product; national income identity; inflation; unemployment; exchange rate; macroeconomic equilibrium in the long run.

INTRODUCTION TO FINANCIAL MARKETS (2 ECTS)

Basic principles of finance and risk management; introduction to derivatives; saving-investment balance; Ponzi scheme; global financial crisis.

Development of the examination

"Principles of Economics and Statistics" is an integrated course consisting of two modules: Principles of Economics (6 ECTS) and Principles of Statistics (3 ECTS). Each module is independently evaluated, but with a unique final grade, resulting from the weighted average of the grades obtained in the two modules (weights results from the respectivenr of ECTS for each module).

 

Learning evaluation methods

WRITTEN TEST: (i) multiple choose; (ii) four optional answers for each question; (iii) true/false answers present candidates with a binary choice: a statement is either true or false.

ORAL EXAM: the oral exam is optional for those students who have passed the written test.

E-ASSESMENT: assessment in Moodle can takes different shapes. However, in the present module the Moodle assignment submission will be the type of e-exam utilized.

 

Learning evaluation criteria

WRITTEN TEST: (i) twenty questions, which concern the whole program developed during the module; (ii) each correct answer scores 1.5 point.

ORAL EXAM: three questions selected by the examiner from the whole program.

E-ASSESMENT: the e-assessment will be used in order to integrate the student evaluation criteria. The student participation in the e-exam is optional.

 

Learning measurement criteria

The final mark is attributed in thirtieths. Successful completion of the examination will lead to grades ranging from 18 to 30 “cum laude”.

 

Final mark allocation criteria

WRITTEN TEST: 20 (correct answers) * 1.5 (points) = 30/30. The minimum grade to pass the written test is 18/30 (12 correct answers).

ORAL EXAM: if you passed the written test, you can freely decide to take also the oral exam for integrating the score obtained in the written test. On the other hand, if you did not pass the written test you have to take the oral exam. The oral examination consists of three questions concerning the subjects listed in the teaching program; each of ones scores up to 10 points. The degree of 30 “cum laude” is attributed when the student demonstrates complete mastery of the subject.

E-ASSESMENT: the e-assignment submission scores up to 5 point to the overall evaluation. 

Recommended reading

1. Mankiw, N.G. and Taylor, M.P. Principi di economia. Zanichelli;
2. Frank, R.H. and Bernanke, B.S. Principi di economia. McGraw-Hill;
3. Samuelson, P.A., Nordhaus, W.D. and Bollino, C.A. Economia. McGraw-Hill;
4. Chatnani, N. Commodity Markets: operations, instruments and applications. McGrawHill.

 

Tutorial session

Wednesday from 12.30 pm to 14.30 pm.

Courses

• C.L.T. - Scienze Forestali ed Ambientali (SFA)