Objectives of Programme's Learning Outcomes

• Implement an academic view on knowledge, particularly through the mastery of methods and literature research tools.
• Understand, synthesise and discuss complex information and texts on economics and management.
• Develop and structure reasoning by basing it on suitable scientific arguments
• Actively master the fundamental concepts and models of economic sciences and management sciences
• Identify and explain the concepts, principles and models of fundamental theoretical trends in economic sciences and management sciences and their applications.
• Understand how organisations and markets work
• Understand the methods and tools adapted to the field of economics and management
• Mobilise communication skills in two languages other than French, both orally and in writing, as a presentation of an argument or piece of research in accordance with scientific ethics.
• Communicate in a clear and structured manner on issues of economics and management
• Demonstrate working and analytical rigour.
• Be rigorous and independent in learning, particularly through adequate planning of activities to be undertaken in order to best utilise the time available.
• Demonstrate self-awareness, assess themself, and adapt.

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 depending on the type of market structure they are involved in en (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. They will also (7) acquire skills through achieving and presenting a second economic work at a university level.

Content of UE

The course is structured in 7 chapters :
1.  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                                                                                                          
2.  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                                                                  
3.  Labour market : perfect labour maket, supply of labour, demand for labour, wages and profits, equality and inequality, imperfect markets, monopsony, unions, bilateral monopoly, collective bargaining, efficicency wages, discrimination
4.  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                                                                                                                                       
5.  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                                                                                                                                                                
6.  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                                                                                  
7.  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.
It is accompanied by : 8. an analysis to be conducted in subgroups, where students have to identify relevant concepts and mechanisms appearing in a selected reference, to achieve a written work and to present it to the teacher and other students.

Prior Experience

Sans objet

Type of Assessment for UE in Q2

• Presentation and/or works
• Written examination

Q2 UE Assessment Comments

A 2 hours 15' 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. It is accompanied by an analysis to be conducted in subgroups, where students have to identify relevant concepts and mechanisms appearing in a selected reference, to achieve a written work and to present it to the teacher and other students. This work counts for 10% of the total.

Type of Assessment for UE in Q3

• Presentation and/or works
• Written examination

Q3 UE Assessment Comments

A 2 hours 15' 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.