Content of Learning Activity

The course is structured in 6 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.
6.           Profit maximising  under perfect competition and monopoly: revenues, costs and equilibrium (production and price) at firm and sectoral levels, in the short run and in the long run, external economies of scale, barriers to entry, perfect competition or monopoly and the public interest, contestable markets
The peer tutoring sessions are conducted under the responsability of third year student and the professor supervision : getting to know other students, methodological advices, sharing of experience, introduction to certain digital platforms, group work about economic subject, assessed presentation and written work in accordance with instructions (academic norms) -tutor assistance-

Required Learning Resources/Tools

Not applicable

Recommended Learning Resources/Tools

Not applicable

Other Recommended Reading

Sloman, J., Wride, A. and Garratt, D. (2015), Economics, Pearson Education Limited

Mode of delivery

• Remote

Type of Teaching Activity/Activities

• Cours magistraux
• Travaux pratiques

Evaluations

The assessment methods of the Learning Activity (AA) are specified in the course description of the corresponding Educational Component (UE)