Objectives of Programme's Learning Outcomes

• Implement an academic view on knowledge, particularly through the mastery of methods and literature research tools.
• Understand, synthesise and discuss complex information and texts on economics and management.
• Develop and structure reasoning by basing it on suitable scientific arguments
• Actively master the fundamental concepts and models of economic sciences and management sciences
• Identify and explain the concepts, principles and models of fundamental theoretical trends in economic sciences and management sciences and their applications.
• Understand how organisations and markets work
• Understand the methods and tools adapted to the field of economics and management
• Mobilise communication skills in two languages other than French, both orally and in writing, as a presentation of an argument or piece of research in accordance with scientific ethics.
• Communicate in a clear and structured manner on issues of economics and management
• Demonstrate working and analytical rigour.
• Be rigorous and independent in learning, particularly through adequate planning of activities to be undertaken in order to best utilise the time available.
• Demonstrate self-awareness, assess themself, and adapt.

Learning Outcomes of UE

At the end of the course, future economists or businessmen will be able to understand some economic analysis fundamentals. The course provides them first tools in order to (1) apprehend market behaviour, (2) approach the impact of public policy on consumers and producers, (3) tackle costs, revenues and the associated profit maximisation process in order to determine what and at what price to produce in the short and the long run and (4) understand the consumption decision process in different kinds of situations associated for instance to income or prices. They will also (5) acquire skills through achieving and presenting a first economic or social work at a university level.

Content of UE

The course is structured in 5 chapters :
1. Introducing economics : what do economists study ?, macro and micro economics, the problem of scarcity, economic systems, economic reasoning;
2. Markets in action : supply and demand from graphical, analytical and verbal perspectives, supply and demand determinants, price-output equilibrium and chocks, price elasticity of demand and supply, income and cross-price elasticity of demand,  short run and long run adjustment, price expectations and speculation;
3. Public policy : impacts of the control of prices (by setting minimum or maximum prices) and of the ad valorem or specific indirect taxation on consumers and producers;
4. Background to supply (production) : law of diminishing returns, economies of scale, costs and productivity in the short run and in the long run, mean, marginal and total, revenues depending on firms market power, profit maximisation by using total or marginal approaches;
5. Background to demand (consumption) : indifference curves and marginal rate of substitution, budget line and relative prices, optimum consumption and its relation with prices and income, individual's and market's demand curves, income and substitution effects of a price change, normal or inferior goods, substitute or complementary goods.
Il is completed by :
6. an analysis conducted in subgroups, where students deal with an economic or social topic. In this context, they perform a written work and present it to the teacher and other students.

Prior Experience

Not applicable

Type of Assessment for UE in Q1

• Presentation and/or works
• Written examination

Q1 UE Assessment Comments

A 2 hours 15' written examination is organised in January and counts for 90% of the total. It consists of 10 multiple choice questions (6 points) in order to test for students' ability to understand and apply concepts, of 1 long question (8 points) to test for understanding and assimilating concepts, and of 2 graded exercises (6 points) to test whether students can mobilize concepts in order to solve problems. It is accompanied by an analysis to be performed in subgroups where students deal with an economic or social topic, which further leads to the achievement of a written work presented to the teacher and other students. This work counts for 10% of the total.

Type of Assessment for UE in Q3

• Presentation and/or works
• Written examination

Q3 UE Assessment Comments

A 1 hour 25' written examination is organised in August and counts for 90% of the total. It consists of 5 multiple choice questions (6 points) in order to test for students' ability to understand and apply concepts, of 1 long question (8 points) to test for understanding and assimilating concepts, and of 1 graded exercise (6 points) to test whether students can mobilize concepts in order to solve problems.

Type of Resit Assessment for UE in Q1 (BAB1)

• Presentation and/or works
• Written examination

Q1 UE Resit Assessment Comments (BAB1)

A 1 hour 25' written examination is organised in June and counts for 90% of the total. It consists of 5 multiple choice questions (6 points) in order to test for students' ability to understand and apply concepts, of 1 long question (8 points) to test for understanding and assimilating concepts, and of 1 graded exercise (6 points) to test whether students can mobilize concepts in order to solve problems. It is accompanied by an analysis to be performed in subgroups where students deal with an economic or social topic, which further leads to the achievement of a written work presented to the teacher and other students. This work counts for 10% of the total.