Economics - Part 1

		Study programme 2019-2020	Français
		Economics - Part 1
		Learning Activity

Code	Lecturer(s)	Associate Lecturer(s)	Subsitute Lecturer(s) et other(s)	Establishment
W-AETR-019	MAHY Benoît			Université de Mons

Language of instruction	Language of assessment	HT(*)	HTPE(*)	HTPS(*)	HR(*)	HD(*)	Term
Français	Français	36	14	0	32	0	Q1

Organisational online arrangements for the end of Q3 2019-2020 assessments (Covid-19)
Written exam (multiple choice, open questions)
Description of the modifications to the Q3 2019-2020 online assessment procedures (Covid-19)
The examination of Political Economics - Part 1 will be written and cover materials seen during theoretical and practical courses that thus concern, for students in Economics and Management, Chapter 1 ("Economics and Economies"), Chapter 2 ("Supply and Demand"), Chapter 3 ("Markets in Action"), Chapter 4 ("Background to Demand") and Chapter 5 ("Background to supply") and, for students in Computer Science, Chapter 2 ("Supply and Demand"), Chapter 3 ("Markets in Action") and Chapter 5 ("Background to supply") It will take place on the Moodle exam platform, last 1 hour and 30' and contain 7 MCQs (each worth 2 points) and 1 application (worth 6 points). In order to address difficulties encountered by students because of Covid-19 context, there is no negative point in case of incorrect answers to MCQs.

Content of Learning Activity

A. For future economists or businessmen students, 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. B. For futur computer scientists students, the course is structured in 3 chapters :
1. 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
2. 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
3. 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

Required Learning Resources/Tools

Not applicable