POLITICAL ECONOMICS

Università degli Studi
"G. d'Annunzio"

Chieti - Pescara

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Single discipline educational activity

Course Sheet

Course code:

L00922

Academic Year of enrolment:

2021

Year of supply:

2021/2022

Type of Course:

Characterising

Degree:

Course of 2nd Cycle Degree in MODERN LANGUAGES FOR MANAGEMENT AND INTERNATIONAL COOPERATION

Disciplinary Sector:

Political Economy

Location:

PESCARA

Credits:

Programme Year:

Professor and Collaborators:

PANDIMIGLIO ALESSANDRO

Cycle:

Second semester

Hours of classroom activity:

Individual study hours:

Prerequisites:

Basics of mathematics and geometry

Objectives

The course aims to illustrate the fundamental rules of operation of modern economic systems. In particular, it will highlight the role of the market as a set of rules and institutions designed to govern the process of resource allocation. In this framework, the behavior of elementary units such as households and firms (microeconomics) will be studied, as well as the behavior of aggregates of households and firms (macroeconomics).
In the Microeconomics part, the behavior of elementary units such as consumers and firms will be analyzed, as well as their interactions in the various forms of markets ranging from perfect competition to monopoly.
Macroeconomic analysis studies the economic system as a whole and seeks to interpret and predict aggregate variables such as gross domestic product, the level of unemployment, inflation, and exchange rates. These variables are fundamental in the functioning of an economy and policies aimed at improving the welfare of society must start from their understanding.

Contents

What is economics. Economics and economic systems. Individual decisions. The interaction between individuals. The functioning of the economic system as a whole.
The market forces of supply and demand. How markets function. The demand curve. The supply curve. The interaction between supply and demand.
Elasticity and its applications.
Economic science and economics. The tools of economic analysis. Demand, supply and the market. The elasticity of demand and supply. The theory of consumer choice and demand. The firm and the theory of supply. Perfect competition and monopoly. Imperfect competition: natural monopoly and monopolistic competition. The oligopoly.
Introduction to macroeconomics. The national product and aggregate spending (income-expenditure model or Keynesian model). The fiscal policy and foreign trade. The currency and monetary policy. The money market and the real market. Public sector economics and economic policy. Inflation, and expectations. Unemployment. Exchange rates and balance of payments.

Extended Syllabus

What is economics. Economics and economic systems. Individual decisions. The interaction between individuals. The functioning of the economic system as a whole.
The market forces of supply and demand. How markets function. The demand curve. The supply curve. The interaction between supply and demand.
Elasticity and its applications.
The theory of consumer choice.
The behavior of competitive firms and the supply of goods and services. Production costs. Profit maximization. Factor returns and returns to scale.
The other forms of markets: monopoly, price discrimination, monopolistic competition, oligopoly.
The data of macroeconomics: The nominal and real Gross Domestic Product. The consumer price index. Unemployment.
Savings, investment, and the financial system.
The monetary system and the role of the central bank.
The Macroeconomics of Open Economies. International trade, the exchange rate and competitiveness.

Recommended Bibliography

Principles of Economics. N.G. Mankiw - M.P. Taylor. Seventh edition. Zanichelli.

Teaching Methods

Lectures, practice sessions, discussion of practical cases

Evaluation methods

Verification of learning:

1. Problem Sets
2. Intermediate Exam (written)
3. Final Exam (written)

Contacts/More Information

email: a.pandimiglio@unich.it
For the office hours, contact the teacher by email.

Università degli Studi
"G. d'Annunzio"

Chieti - Pescara

Aree

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