Learning Outcomes of UE

At the end of the course, future economists or businessmen will be able to master some economic analysis fundamentals. At a microeconomic level, the course provides them first tools in order (1) to rationally decide their price and their production in market structure under imperfect competition, (2) to carry out a first analysis of the labour market. At a macroeconomic level, different tools are available in order (3) to measure the circular flow of income, (4) to understand the Keynesian theory in order to determine the level of economic activity in the short run and the multiplier effects on economic activity coming from increasing demand, (5) to understand the role of money (and non monetary assets), the money market behaviour and how it can be influenced by supply and demand components, and (6) to figure out the general equilibrium and the way (mixed) fiscal and monetary policies can influence economic activity and the interest rate.
At the end of peer tutoring, they will also (7) acquire skills through document research, achieving and presenting a first economic or social work at a university level.

UE Content: description and pedagogical relevance

The course is structured in 6 chapters :
1.  Profit maximising  under imperfect competition: firm equilibrium(production and price) under monopolistic competition or oligopoly, competition and collusion, expectations and strategy, the importance of timing, strategic behaviour to prevent entry, price discrimination, monopolistic competition or oligopoly and the public interest                                                                  
2.  Labour market : perfect labour market, supply of labour, demand for labour, wages and profits, equality and inequality, imperfect markets, monopsony, unions, bilateral monopoly, collective bargaining, efficiency wages, discrimination
3.  National economy : major macroeconomic issues, circular flow of income, withdrawals and injections, measuring economic activity in terms of production, income and expenditures, measuring growth and inflation, equilibrium in the circular flows, GDP and country's well-being                                                                                                                                       
4.  Short run macroeconomic equilibrium : relationship between aggregate demand and national income, consumption, investment, government expenditures, exports and imports functions,  determination of national income, verbal, analytical and numerical approaches of multiplier effects from (autonomous) demand components on economic activity, role of government and foreign countries                                                                                                                                                                
5.  Money and interest rates : meaning and functions of money, financial system, definition and measures of money supply, the role of private and central banks in creating money, money supply and the interest rate, transactions-precautionary and speculative demand for money, money market equilibrium and chocks                                                                                  
6.  General equilibrium : relationship between investment, consumption and interest rate, money supply and economic activity, fiscal policy and crowding out of investment, general equilibrium on goods (IS) and money (LM) markets, (mixed) fiscal and monetary policy impacts on economic activity and interest rate, managing aggregate demand.
The peer tutoring sessions are conducted under the responsibility of third year students and the professor supervision : exchange of information on methods of work after first period of examination, organization of debates from texts of opinions within the discipline, look for and analyze economic papers, presentation,  powerpoint or video.

Prior Experience

Sans objet

Q2 UE Assessment Comments

A 2 hours 30' written examination is organised in June 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.
The remaining 10% relate to Peer tutoring sessions: active and appropriate participation in tutoring sessions (4 points), oral presentation (8 points) and written work (8 points).

Q3 UE Assessment Comments

A 2 hours 30' written examination is organised in August 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.
There is no evaluation at Q3 for tutoring activities (10% of the total).