All programmes > Bio-Economics

Bio-Economics (B-KUL-I9X36A)

4 ECTSEnglish26 First termCannot be taken as part of an examination contract
Maertens Miet
POC Bio-ingenieurswetenschappen

Aims

Students gain insight in the functioning of the economy, in particular those parts of the economy that use renewable biological resources to produce food, material and energy (or the bio-economy), and in the power of economics to explain society and everyday life. Students gain insight in microeconomics, macroeconomics and international trade. Students become acquainted with how markets function and with policy decisions in an economic context. Students get a sense of economics as a way of thinking. 

This course allows students to:

  • Understand and describe economic terms and concepts such as income, welfare, supply and demand, market equilibrium, efficiency, …. and to use these terms in an appropriate way
  • Understand, apply and know basic concepts and equations of economic analysis
  • Make links between various economic terms and concepts
  • Understand and predict how various factors influence an economic equilibrium
  • Interpret economic theory based on examples from everyday life, topical subjects and the bio-economy
  • Solve numerical questions using economic concepts, equations and theory.

Previous knowledge

No specific previous knowledge needed.

Order of Enrolment


This course unit is a prerequisite for taking the following course units:
G0P19A : Economische lokalisatie en regionale ontwikkeling
I0V52A : Inleiding tot bedrijfsbeheer

Identical courses

This course is identical to the following courses:
D0W12B : Inleiding tot de economie (TEW)
X0E50A : Inleiding tot de economie (TEW)

Is included in these courses of study

Activities

4 ects. Bio-Economics (B-KUL-I0O63a)

4 ECTSEnglishFormat: Lecture26 First term
Maertens Miet
POC Bio-ingenieurswetenschappen

Content

  • An introduction explaining the scope and methods of the course, and the basic economic problem of scarcity and choice.
  • A first microeconomic part looking into demand, supply and the market equilibrium; household behavior and consumer choice; the production process, input and output decisions and the profit-maximizing firm; and perfect competition.
  • A second microeconomic part looking into market imperfections such as asymmetric information and externalities; monopolistic competition; income distribution; and the role of the government.
  • A third macroeconomic part looking into measuring national income; aggregate output and price levels; inflation; unemployment; policy effects and shocks.
  • A fourth macroeconomic part looking into the world economy; international trade and comparative advantages; and economic growth in developing countries.   

  

Course material

Karl E Case, Ray C. Fair, Sharon M. Oster, Principles of Economics, 13th edition, Global edition, Pearson Education Limited 2020. Handbook available for purchase through Acco. 

Lecture recordings and lecture slides: available through Toledo

Exercises, questions and solutions: availabe through Toledo 

List of economic terms and their Dutch translation: available through Toledo

Language of instruction: more information

This course is taught in English. 

Format: more information

The course consists of lectures, complemented with online exercises. 

Evaluation

Evaluation: Bio-Economics (B-KUL-I2X36a)

Type : Exam during the examination period
Description of evaluation : Written
Type of questions : Open questions, Closed questions, Multiple choice
Learning material : Calculator

Explanation


The evaluation of this course is based on a written, closed book, exam during the normal examination period. The exam exists of various questions, including multiple choice questions, closed questions and open question; and including theoretical questions and exercises. For multiple choice questions, a correction for guessing is applied with a subtraction of points for wrong responses. 

Information about retaking exams

The same exam format with the same type of questions is applicable during the august/september examination period.