Enrolment options

ECON-A2100 - Principles of Economics I, Lecture, 3.9.2024-14.10.2024

Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.

LEARNING OUTCOMES

After this course, the student will have a basic understanding of the aims and objectives of normative and positive economics. The student understands how markets and other allocation mechanisms operate and how to evaluate their economic performance.

 

Credits: 6

Schedule: 03.09.2024 - 14.10.2024

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Silliman

Contact information for the course (applies in this implementation):

Instructor: Mikko Silliman -- mikko.silliman@aalto.fi

Teaching assistant: Hung Le -- hung.h.le@aalto.fi

CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English

CONTENT, ASSESSMENT AND WORKLOAD

Content

  • valid for whole curriculum period:

    Firms and consumers in modern economies. Utility maximization and consumer welfare. Profit maximization and firms performance. Price mechanism and economics incentives. Strategic interactions and externalities.

  • applies in this implementation

    This course is a first introduction into the topics covered in economics and the methods used in their analysis. Principles of Economics I concentrates on individual economic decisions, in particular consumers and firms. It also provides a first look into decision making in social settings and a first look at competitive market behavior. Principles of Economics II will cover aggregate economic phenomena and topics in public policy.

    The course has 12 lectures and 6 review sessions where you cover weekly problem sets and the material covered in class. The textbook for the course is The Economy by the Core Team. It is electronically available at CORE-ECON. A printed version of it is also available for purchase from the same site. I see no reason to choose the printed version. A lot of the material can also be found in an alternative somewhat shorter book on the same main site, Economy, Society and Public Policy (ESPP). This book may give you another angle at any topic that you find hard to follow in the main textbook.

    Class participation in class-room activity is strongly encouraged. The whole class benefits from your insights and participation in classroom discussions. Lecture slides are made available in general the day before the lecture. To make the most of the lectures, I strongly recommend you look at the relevant chapter in the textbook before the lecture. This gives you the best chance to ask questions on any topics that you did not understand. Active participation and asking questions in the lectures is also strongly encouraged. We go slightly deeper into selected topics from the textbook in the lectures and in the problem sets.


Assessment Methods and Criteria

  • valid for whole curriculum period:

    Examination, exercises and class contribution.

  • applies in this implementation

    The final grade in the course is based on a final examination (80%) and exercises (20%). You may work in groups when solving the exercises, but each student should submit her own individual answer to each problem set. You are asked to grade other students’ answers to the problem sets and your own grade on the exercises reflects your performance as a grader as well. Ph.D. student Hung Le (hung.h.le@aalto.fi) conducts the review sessions and he is also available to help you with any questions regarding the logistics for grading problem sets.

    One of my goals is to get you exposed to reading economics papers – these constitute the bread and butter of what academic economists do (produce research) and are the source for where the theory and evidence illustrated in the textbook come from. Reading papers will become part of the problem sets as the semester progresses.

    The practice of office-hours may be foreign or unfamiliar to you, but has shown to be an important determinant of student success, not just in the classroom, but in university more broadly, and even in what comes after university. Each Monday from 16:00 onwards I will keep my door open for students to come and speak to me. There is no barrier of entry – I’m happy to talk about the material in the course, other material or topics in economics, how to navigate student life, or what research or graduate study look like. Office hours can be attended by several students at a time – often the question on your mind is also on someone else’s.

     


Workload

  • valid for whole curriculum period:

    In total 160h, consisting of lectures and exercises and independent work.

DETAILS

Study Material

  • valid for whole curriculum period:

    Core project: The Economy

Substitutes for Courses
Prerequisites
SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth

FURTHER INFORMATION

Further Information

  • valid for whole curriculum period:

    Teaching Language: English

    Teaching Period: 2024-2025 Autumn I
    2025-2026 Autumn I

    Registration:

    This course is offered to Bachelor's programme in Economics students only. A maximum of 65 students can be accepted to the course.

Details on the schedule

  • applies in this implementation

    Tentative Schedule for Lectures:

     

    1.       Tuesday -- September 3rd: 10.15-12.00, SAASTAMOISEN SÄÄTIÖ - V002

    Introduction, Comparative advantage. Unit 1

     

    2.       Wednesday -- September 4th: 13.15–15.00, U5 - U147

    Scarcity and Choice. Chapter 3.

     

    3.       Monday – September 9th: 14.15-16.00, U6 KONECRANES - U149

    Scarcity and Choice. Chapter 3.

     

    4.       Wednesday – September 11th: 8.15-10.00, U6 KONECRANES - U149

    Strategic interactions. Chapter 4.

     

    5.       Monday – September 16th: 14.15-16.00, U6 KONECRANES - U149

    Strategic interactions. Chapter 4.

     

    6.       Wednesday – September 18th: 13.15-15.00, U5 - U147

    Surplus and conflict. Chapter 5.

     

    7.       Monday – September 23rd: 14.15-16.00, U6 KONECRANES - U149

    The firm. Chapters 6 and 7.

     

    8.       Wednesday – September 25th: 13.15-15.00, U5 - U147

    The firm. Chapters 6 and 7.

     

    9.       Monday – September 30th: 14.15-16.00, U6 KONECRANES - U149

    Competitive markets. Chapters 8 and 11.

     

    10.   Wednesday – October 2nd: 13.15-15.00, U5 - U147

    Competitive markets. Chapters 8 and 11.

     

    11.   Monday – October 7th: 14.15-16.00, U6 KONECRANES - U149

    Banks, money, and credit. Chapter 10.

     

    12.   Wednesday – October 9th: 13.15-15.00, U5 - U147

    Recap. Chapters 1-11.


    Additional readings will be indicated during the course.

     

    Review sessions:

     

    September 6th-October11th, 2024

    10.15-12.00, U8 - U270

     

    Problem sets:

     

    Due at 10.15 sharp each Friday. Return through my.courses.

     

    Exam:

     

    October 14th: 13.00-16.00, U2 - U157


Rules of Conduct - Students´ Rights and Responsibilities (in force from 1 August 2020)

Aalto University Code of Academic Integrity and Handling Violations Thereof

Guests cannot access this workspace. Please log in.