Saint-Louis University - Bruxelles

DRAN1220 - Economics

Credits : 5

Lecturer :
Teaching assistants :
Mode of delivery :
Face-to-face , second term, 45 hours of theory and 15 hours of exercises.

Timetable :
Second term
Wednesday from 15:45 to 18:45

Language of instruction :
English is the only language used during the course, in problem sessions and during the written exam.

Learning outcomes :
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.

Prerequisites :
Co-requisites :

Course contents :
1. Introduction
2. Supply and Demand: how markets work
3. Markets, efficiency, welfare and the economics of the public sector
4. Inefficient market allocation 1 : externalities, public goods and CPR
5. Inefficient market allocation 2 : monopoly, monopolistic competition and oligopoly
6. Introduction to Macroeconomics, National Income and National Product
7. Long Run Macroeconomics and The Money Market
8. Short Run Macroeconomics and the Keynesian Model
9. Macroeconomic Analysis

Planned learning activities and 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.

Assessment methods and criteria :
- A written examination relating to course material will count for 60% of the points (12 points out of 20 - or 60 out of 100)
- Two tests made up of problems similar to those seen in problem sessions for 30% of the points (6 points out of 20 - or 30 out of 100). The exact dates for the tests will be given during the first course.
- Very short answers to various questions asked in class that students have to turn in the day of class via Moodle for 10% of the points (2 points out of 20 - or 10 out of 100) - note: there will be 10 questions given at the end of 10 different courses: students who have answered less than 7 out of these 10 questions by the end of the semester will get 0 for this part.

Recommended or required reading :
Reference material: Economics, N. Gregory Mankiw and Mark P. Taylor, 5th edition, 2020.

Students are strongly suggested to consult the textbook for additional explanation, numerical examples, and discussion of topics covered in the course. The textbook is intended to provide a complement to course lectures and problem sessions. Students will not be responsible for textbook material addressing topics not covered in course lectures or problem sessions.

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, forums and a previous exam.