Course Topics
M1 Economic Theory: Economic Methods; Optimization; Demand, Supply and Equilibrium; Perfect Competition; Trade; Externalities and Public Goods; Taxation; Markets for Factors of Production, Monopoly; Game Theory; Oligopoly and Monopolistic Competition; Time and Risk; Information; Social Economics Doing Economics: Measuring climate change, Collecting and analysing data from experiments, Measuring the effect of a sugar tax, Supply & Demand, Measuring the non-monetary cost of unemployment, Measuring willingness to pay for climate change mitigation. M2 1. Introduction to Macroeconomics 2 Measuring the Macroeconomy 3 The Goods Market 4 The Financial Markets 5 The IS-LM Model 6 The Extended IS-LM Model 7 The Labour Market 8 The Phillips Curve, the Natural Rate of Unemployment, and Inflation 9 From the Short to the Medium Run: The IS-LM-PC Model 10 The Facts of Growth 11 Saving, Capital Accumulation, and Output 12 Technological Progress and Growth 13 The Challenges of Growth 14 Financial Markets and Expectations 15 Expectations, Consumption, and Investment

Propaedeutic courses
no

Teaching format
Lecture, Lab; in person, synchronous teaching

Educational objectives
M1 - MICROECONOMICS ILO 1 Knowledge and understanding ILO 1.1 knowledge of the economic theory of the demand and supply of goods and services, equilibrium and price-setting mechanisms in market economies ILO 1.2 knowledge of the basic theorems of welfare economics ILO 1.3. an understanding of the behaviour of microeconomic actors, with particular reference to theories of consumption, the firm and the application of game theory ILO 1.4 Knowledge of the fundamentals of political-economic activities and collective decisions ILO 1.5 Understanding the use of non-renewable resources and the principles of sustainability ILO 2 Ability to apply knowledge and understanding ILO 2.1 to be able to carry out an analysis of the demand for goods and services and to evaluate the cost structure, its role and relevance for business decisions ILO 2.2 being able to critically compare the various theories of enterprise ILO 2.3 being able to conduct an analysis of the economic behaviour of public and private actors using game theory ILO 2.4 Knowing how to analyse economic activity with regard to sustainability ILO 3 Autonomy of judgement ILO 3.1 identify the most important problems in complex decision-making situations ILO 3.2 perform a critical analysis of the facts and situations to be addressed ILO 3.3 choose the most appropriate quantitative and qualitative methods of analysis ILO 3 Learning skills ILO 4 ILO 4.1 find the information necessary to keep abreast of the changing context, both general and specialised ILO 4.2 analyse, critically process and integrate future data, information and experience, also using advanced software M 2 - MACROECONOMICS ILO 1 Knowledge and understanding ILO 1.1. knowledge of the economic theory of the demand and supply of goods and services, equilibrium and price-setting mechanisms in market economies; ILO 1. 2 knowledge of the theories of competition in markets with respect to classical, neoclassical and evolutionary theoretical models ILO 1.3 knowledge of the basic theorems of welfare economics ILO 1.4 knowledge of the foundations of political-economic activities and collective decisions ILO 1.5 understanding of the role and management of public goods, the role of institutions and information ILO 1.6 understanding of the effect of economic policy actions in specific sectors and the role of research, development and innovation ILO 1.7 knowledge of various macro-economic models for analysing economic changes in the short and medium term, understanding of the causes of economic growth ILO 1.8 Understanding the use of non-renewable resources and the principles of sustainability ILO 2 Ability to apply knowledge and understanding ILO 2.1 be able to conduct an analysis of the role and function of macroeconomic variables in closed economies in the short, medium and long term ILO 2.2 be able to assess the role of governments and the need for economic policy interventions in market economies ILO 2.3 knowing how to formulate economic policy objectives and assess their results, and using the available information to evaluate the appropriateness of monetary and fiscal policies with respect to macroeconomic variables ILO 2.4 know how to analyse economic activity with regard to sustainability ILO 3 Autonomy of judgement ILO 3.1 identify the most important problems in complex decision-making situations ILO 3.2 perform a critical analysis of the facts and situations to be addressed ILO 3.3 choose the most appropriate quantitative and qualitative methods of analysis ILO 4 Learning skills ILO 4.1 find the information necessary to keep abreast of the changing context, both general and specialised ILO 4.2 analyse, critically process and integrate future data, information and experience, also using advanced software

Additional educational objectives and learning outcomes
This course refers to a basic educational activity and is a mandatory course in the first study year. The main goal of the course is to introduce students to the distinctive structure of economic reasoning and to provide a solid grounding in the basic concepts and methods of microeconomics and macroeconomics. Microeconomics (M1): Students will explore key principles such as supply and demand, market equilibrium, consumer and producer behavior, and the role of incentives in shaping economic outcomes. An additional objective is to equip students with practical skills in analyzing and interpreting economic data. Through lab sessions, students will engage with real-world case studies using the R programming language. This applied component allows students to explore empirical questions, develop data literacy, and strengthen their ability to think critically and quantitatively about economic issues.

Assessment
M1 Microeconomics For attending and non-attending students. Student performance will be evaluated through a final written exam, which accounts for 100% of the final grade. The exam consists of multiple-choice questions: 80% will test knowledge of key microeconomic concepts and the interpretation of data and R code, while the remaining 20% will focus on graphical analysis, requiring students to draw and interpret standard economic graphs. The exam is based on the material covered in the required textbook and the lecture slides provided by the instructor. ILOs assessed: 1-4. M2 Macroeconomics: For attending and non-attending students. Student performance will be evaluated through a final written exam, which accounts for 100% of the final grade. The exam consists of multiple-choice questions. The exam is based on the material covered in the required textbook and the lecture slides provided by the instructor. ILOs assessed: (ILO 1.1-1.8, 2.1-2.4, 3.1-3.3, 4.1,4.2)

Evaluation criteria
Answers will be assessed based on the correctness of both the reasoning process and the final result.