Course 2024-2025

Principles of economics [EFASB254]

  • 5 credits
  • 30h
  • 1st quarter
Language of instruction: French / Français

Learning outcomes

At the end of the teaching unit, the student will be able to:
- articulate basic economic concepts;
- understand the general principles of economic reasoning;
- understand the use of graphic reasoning for economic purposes.

 

 

Objectives

The “Principles of Economics” course is an introductory course to economic science. It defines economic science, its objects, its concerns, as well as its methods and results. It intends to introduce students to jargon and economic reasoning, as well as to provide initial tools for analysis and understanding of current economic and social issues.

Content

The course is taught in French.

It is structured in 4 parts:

- Introduction. Definition of economic science (micro- and macroeconomics, positive – normative economics, economic systems). Presentation of the principles of economics, methodology and economic tools. Presentation of basic economic models and their assumptions.

- Individual consumption, savings and work decisions; Firms' production decisions (costs, entry and exit decisions, optimization). Competitive equilibrium.

- Imperfections.  Monopoly and asymmetry of information.

- Role of the State / Economic policy: Typology of the main functions of the State, notion of public good, externalities.

Exercises description

The exam may include applications of the type examined in the course.


Teaching methods

Lectures.

Evaluations

A closed-book written assessment covering the material caught during the course is organized (duration 2 hours).

The student is evaluated on his or her ability to reproduce, understand and analyze. She/He must be able to precisely define the different concepts covered during the course. She/He must understand the different economic reasoning covered during the course and be able to apply them (exercises of the type of those covered during the course).

Recommended readings

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Language of instruction

French / Français

Location for course

NAMUR

Organizer

Faculté des sciences économiques, sociales et de gestion
Rue de Bruxelles, 61
5000 NAMUR

Degree of Reference

Undergraduate Degree