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PRINCIPLES OF ECONOMICS (Module 1 C.I.)
DANILO GAMBELLI

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

Prerequisites

Basic skills in mathematics

 

Development of the course

The course provides basic principles of economic theory, and is structured in three parts: microeconomics, basic accountancy principles for farms, macroeconomics. Lecturing (4 ECTS) is integrated with practical session (business simulation, forest valuation and land appraisals) based on spreadsheet and other software (2 ECTS). The course is also supported by the e-learning Moodle platform. This web tool provides: (i) teaching materials specific for each learning units; (ii) self-assessment tests; (iii) forums for feedback and discussion on selected issues.

Learning outcomes

Knowledge. The course provides a thorough degree level education in economics with the focus on economic theory and its applications. The course enables students to acquire the fundamental knowledge about general economic issues, and to provide basic knowledge and competences for the economic management of farms; it also aims to provide basic knowledge and competences for next economic courses.

Applying knowledge and understanding. The main aim of this course is to provide students with capabilities to understand and interpret the main economic issues and their practical effects on the management of a farm and of agricultural markets. Economic policy and analysis modules further focus on the application of economic theory and tools to the analysis of key societal and policy challenges

Cross-expertise. (i) making judgements: capability of identify the information needed to understand the economic environment of the agro-food business; (ii) communications: capability of clearly and exhaustively communicate notions, ideas, problems and technical solutions to interlocutors, either professional or not, representative of the various and specific competencies in the agro-food business.

Program

Part I - Microeconomics (3.5 ECTS)

• Theory of demand: needs and goods; individual and aggregate demand, determinants of demand functions, indifference curves, budget constrain; demand elasticity and goods classification, consumers’ surplus.
• Theory of production: production function, efficiency concepts, law of diminishing returns; cost functions in short and long-term perspectives, conditions for profit maximisation.
• Main market models: perfect competition markets, monopolistic competition markets, oligopolistic markets, and monopolistic markets.
• An introduction to public and natural goods, externalities, and market failures.

 

Part II - Basic accountancy principles for farms (1 ECTS)

• Basic principles of financial mathematics
• An introduction to farm accountancy with a microeconomic perspective.

 

Part III – Macroeconomics (1.5 ECTS)

• Key concepts from macroeconomics: GDP, growth and development, money, inflation and interest.
• A short overview on the main financial markets and instruments and on the main actors in the international economic and financial context.

 

Development of the examination

Final assessment methods

"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 respective number of ECTS for each module).

 

Learning evaluation methods

Written test and oral tests, both throughout the whole course program. Written test are based on multiple-choice tests are aimed to test the learning of the concepts discussed in the course, and in particular the aspects relating to economic competitiveness conditions.

 

Learning evaluation criteria

Students are required to demonstrate competences and knowledge on all the three parts of the course contents; they also must demonstrate an overall understanding of the course content using appropriate technical terminology, and should be be able to deal with deductive reasoning that enable him to create links within matter, and to have a complete mastery of the subject.

 

Learning measurement criteria

Multiple-choice tests are structured as follows: approximately thirty questions each with three response options, of which only one correct option. The test is structured so as to be able to select only one option for each question. The correct option generates a positive unit score, wrong options generate a negative fractional score (ranging between -0.3 and -1 depending on the severity of the issue). For the completion of the test is given a time limit within which the applicant may enter, modify or cancel the options for each question.

The oral test is only accessible to those who obtain a passing grade for the written test.

 

Final mark allocation criteria

The final grade is based on the written test score and the evaluation of the oral test; passing the written test is not in itself sufficient condition for passing the exam. It may be arranged during the course some practical sessions in the form of processed spreadsheet that may contribute to the definition of the final vote (in an amount of not more than 3/30).

Recommended reading

 

Recommended readings:

Textbook:

Sloman J., Garratt, D., Elementi di economia, Il Mulino, 2010.

Additional texts and scientific papers will be available from the Moodle website of the course.

 

Tutorial sessions: Wednesday 3-5 pm

Courses

• C.L.T. - Scienze e Tecnologie Agrarie Curriculum TECNOLOGIE AGRARIE (STA - TA)
• C.L.T. - Scienze e Tecnologie Agrarie Curriculum VITICOLTURA ED ENOLOGIA (STA - VE)