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Academic Year 2026/2027 - Teacher: MARIA DANIELA GIAMMANCOExpected Learning Outcomes
The Applied Economics module aims to provide students with the fundamental theoretical, analytical, and methodological skills necessary to understand and interpret economic and business contexts. Based on the Dublin Descriptors, upon completion of the course, students are expected to achieve the following learning outcomes:
Knowledge and Understanding
Acquisition of the basic tools of economic theory to understand market and business issues, economic variables and their governing relationships, as well as the interrelations between economic and institutional systems.
Applying Knowledge and Understanding
Ability to link the microeconomic behavior of individual firms to the competitive dynamics of their industry. Application of models of comparative, quantitative, and qualitative analysis.
Making Judgements
Ability to collect and interpret data on the management of complex organizational structures, developing a critical analysis of administrative, market, and business challenges.
Communication Skills
Appropriate and rigorous use of economic terminology to present the underlying logic and mechanisms governing business and market decisions.
Learning Skills
Development of autonomy and responsibility in choosing future learning paths, both in academic contexts (Master’s degrees, advanced postgraduate programs) and professional settings.
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
The exam consists of three open-ended questions.
Each answer is graded on a scale from 0 to 10.
The final grade, on a 30-point scale, is calculated as the sum of the three scores obtained.
A grade of 30 with distinction will be awarded to students who, in all three answers, demonstrate:
excellent knowledge and understanding of the subject matter;
strong analytical and critical skills.
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