ECONOMICSModule Applied economy
Academic Year 2023/2024 - Teacher: Maria Daniela GIAMMANCOExpected Learning Outcomes
At the end of the course, students will have acquired knowledge of the fundamental problems of the organization and the role played by innovation in the development and growth of the organization. This knowledge will allow them to interpret the innovative choices and the strategic decisions of the firms.
Course Structure
Lectures.
Required Prerequisites
Basic logical-mathematical skills
Attendance of Lessons
Detailed Course Content
Decisions of individuals and firms. The economy and the firms decisions. The context of the firm activity. The concept of the market: interaction between supply and demand. The limits of the markets. Economic analysis of firms and markets: objectives and behavior of firms in the markets; the theory of production: the production function and the short and long run cost functions; the firm's production decisions; business strategies and pricing policies; market structures. The labor markets. The financial markets.
Textbook Information
N.G.Mankiw, M.P. Taylor, A. Ashwin (2019)Business economics, Cengace, Third editioin
Learning Assessment
Learning Assessment Procedures
Examples of frequently asked questions and / or exercises
a. Individuals choose between alternatives (trade-off).
b. The cost of something is what you have to give up to get it (opportunity cost)
c. Rational individuals think "at the margin
d. Individuals respond to incentives
2. What is meant by opportunity cost
3. Explain the following statements:
a. Markets are usually an effective tool for organising economic activity.
b. Sometimes state intervention can improve the outcome produced by the market
4. What is the fundamental economic problem
5. What is meant by investment
6. What is meant by internal and external growth
7. When the enterprise is faced with the problem of acquiring new customers, what considerations should it make?
8. What does entrepreneurship consist of? Give some examples of entrepreneurs.
9. Who are the stakeholders of the enterprise
10. The PESTLE analysis
11. The law of demand
12. The law of supply
13. Explain what causes shifts in the demand curve and shifts along the demand curve.
14. Explain what causes shifts in the supply curve and shifts along the supply curve.
15. The determinants of demand and supply.
16. The different types of goods.
17. Explain what is meant by equilibrium.
18. Explain the role of prices in resource allocation.
19. Cost curves (graphical analysis and commentary)
20. The production function
21. Describe some of the trade offs faced by a family deciding whether or not to buy a new car
22. The consumer and producer surplus
23. The choices of the firm in perfect partnership
24. The Monopoly