Economics

Teacher(s)

Hamaide Bertrand;

Language

English

Learning outcomes

At the end of this learning unit, the student is able to :

This course has as its objective to introduce the principles of economics and to build the student's basic understanding of the functioning of market economies. The first part of the course will be devoted to understanding the general principles of economics and the basics of microeconomics, or the study of the behavior of consumers and firms in perfect competition and imperfect competition. The second part of the course will be devoted to the basics of macroeconomics with the study of national income, the money market, fiscal and monetary policies and aggregate demand and supply analysis. By the end of the course students should be able to explain the intuition underlying simple graphical and algebraic economic models representing a number of microeconomic and macroeconomic issues. Students should be able to apply each model to solve relevant numerical problems and to answer pertinent theoretical and policy questions.

Content

1. The context for economic analysis
2. Microeconomic analysis
a) Demand and Supply
b) Welfare and public policy
c) Consumption
d) Production
e) Market structures
f) Introduction to markets for labor
3. Macroeconomic analysis
a) Measuring economic performance
b) Economic fluctuations and macroeconomic theory
c) Fiscal policies
d) Monetary policies
e) Aggregate Demand and Supply, inflation and macroeconomic policies
4. Global economy, development and sustainability

Teaching methods

The course objectives are achieved via weekly lectures in which the professor presents models relating to the different topics covered in the course and via smaller group sessions where the teaching assistant works with students on problem sets. Emphasis will be placed in course lectures on theoretical exposition as well as examples taken from business and economics press and from current events in which the models under consideration may be applied so as to link theory and practice.

Three quarters of the course load (45 hours) will be devoted to formal lectures and one quarter (15 hours) to small group sessions for working on problem sets.

Evaluation methods

For the first session
- A written examination relating to course material will count for 50% of the points (10 points out of 20)
- One test made up of problems similar to those seen in problem sessions for 30% of the points (6 points out of 20). The test will take place during the semestre towards the end of the course.  The exact date for the test will be given during the first course.
- MCQ and questions with short answers during the term for 20% of the points (4 points out of 20) – note: there will be 2 MCQ quizzes and questions with short answers: one at the end of the micro part and one at the end of the macro part.
Important: for the first session, students who have less than 3/20 at the theoretical part cannot reach 10/20 in total (for example: 2/20 for the theoretical part and 18/20 for the TP and quiz part will give you 9/20 and not 10/20)
For the second session: written exam with theoretical questions for 12 points and exercise questions similar to those seen in the problem sessions for 8 points.

Other information

Additional material:
- A detailed course outline as well as the set of slides used during the lectures.
- Small course web site via Moodle containing remarks, notes and a previous exam.

Bibliography

Ouvrage de référence: Goodwin et al. Essentials of Economics in Context, 1st edition, 2021

Il est fortement recommandé aux étudiants de consulter l'ouvrage de référence pour toute explication supplémentaire, exemples numériques et discussions de sujets abordés en classe. L'ouvrage est conçu comme un complément aux cours magistraux et aux séances de travaux pratiques.
Les étudiants ne seront pas interrogés sur la matière de l'ouvrage qui n'aurait pas été abordée en cours ou lors des sessions de travaux pratiques.

Faculty or entity

DRTB