Introduction to Microeconomics and to Macroeconomics.
OPEN TO IE STUDENTS ENROLLED IN THE FOLLOWING DEGREES (SINGLE AND DUAL): BBA, BIE, PPLE
Over the past few decades, Economics has taken on a growing importance among scientific disciplines. Economic science studies human behavior in its attempt to satisfy the most urgent needs by choosing among multiple possibilities in an environment of scarce resources, uncertainty and subjective valuations. Thus the knowledge of economic science is basic to understand how individual agents, typically interacting in decentralized markets, achieve collective ends.
Students in the Advanced Microeconomics course will get acquainted with economic thinking and will get an overarching perspective on the skills and methodology that students can apply in their future professional career. The theoretical concepts learnt in class will be complemented with real case studies and exercises.
2.1. OBJECTIVES The course aims to provide a rigorous use of microeconomic theory and its applications by providing students with the standard tools of economic analysis. This material is presented formally, using differential calculus, in order to facilitate applications. Specific applications are discussed to help students to understand this material. The outline of the course includes the study of the behavior of representative economic agents (consumers and firms) as well as competitive markets.
2.2. SKILLS The Bachelor in Philosophy, Politics, Law and Economics, through the study of Economic Theory, aims to develop students’ ability to describe, analyze and understand the economic environment where business takes place. More specifically, the Advanced Microeconomics course aims for the student to make progress in several specific skills:
Cognitive (Know):
• Analyze the behavior of economic agents (consumers and businesses) and the operation of markets. -Understand economic institutions through the study of theories as to how the economy works.
• Master the key concepts used in microeconomic analysis.
• Use abstract reasoning; formulate, express, and solve economic problems or questions with a model.
• Explore the use of economic models to make predictions about the real world. -Identify relevant factors that affect decision-makers when facing an economic choice.
• The ability to identify the relevant elements when facing a business decision.
• Understand how to apply economic principles to a range of policy questions.
Procedures (Know How):
• Apply economic criteria based on the use of technical tools to the analysis of economic problems.
• Use the relevant information to evaluate the current economic environment and possible evolution of business and markets.
• Use the course material to analyze new economic problems and reason in a rigorous and systematic way.
• Identify the sources of relevant economic information.
• Draw relevant information from data that non-experts would be unable to appreciate.
• Improve the ability to present and discuss in a coherent manner, whether in a written text or public exposition, the results of a specific economic study.
Attitude (Being):
• Improve individual problem solving, confront problems in a rigorous and systematic fashion and think critically.
• Develop the ability to share and discuss the results with other students.
• Encourage a positive attitude when faced with new problems and encourage students to overcome failure. -Develop the ability to share and discuss the results with other students.
– Encourage a positive attitude when faced with new problems, and encourage students to overcome failure.
