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Competences and Skills That Will Be Acquired and Learning Results

This document provides an overview of an introductory economics course titled "Principles of Economics" taken during the 2018-2019 academic year. The course introduces students to basic microeconomic and macroeconomic concepts. It aims to help students think like economists by explaining how individual agents interact in markets and how their interactions determine overall economic outputs. Students will learn skills like analyzing economic data critically and understanding how technology and climate change influence societies and economies. They will also develop attitudes like respecting economic facts when making decisions and being open to different ideas. The course covers topics ranging from supply and demand to fiscal and monetary policy. It uses lectures, problem sets, and online assessments for evaluation.

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Nguyễn Long
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114 views2 pages

Competences and Skills That Will Be Acquired and Learning Results

This document provides an overview of an introductory economics course titled "Principles of Economics" taken during the 2018-2019 academic year. The course introduces students to basic microeconomic and macroeconomic concepts. It aims to help students think like economists by explaining how individual agents interact in markets and how their interactions determine overall economic outputs. Students will learn skills like analyzing economic data critically and understanding how technology and climate change influence societies and economies. They will also develop attitudes like respecting economic facts when making decisions and being open to different ideas. The course covers topics ranging from supply and demand to fiscal and monetary policy. It uses lectures, problem sets, and online assessments for evaluation.

Uploaded by

Nguyễn Long
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Principles of Economics

Academic Year: ( 2018 / 2019 ) Review date: 08-05-2018

Department assigned to the subject: Department of Economics


Coordinating teacher: ROMERO MEDINA, ANTONIO
Type: Basic Core ECTS Credits : 6.0
Year : 1 Semester : 1

COMPETENCES AND SKILLS THAT WILL BE ACQUIRED AND LEARNING RESULTS.


The subject Principles of Economics introduces the student into the rudiments of economic analysis so
she (he) can start to thinking as an economist. To achieve this, a complete overview of the economic
system is given. It is explained how individual agents relate to each other (consumers and producers)
and how their interactions in the market give rise to economic aggregates at the macro level
(production of goods and services, price levels, distribution of income). Emphasis is placed on consumer
choice (demand) and producer supply in an institutional framework (laws and governments)
conditioning their decisions and facilitating exchange relations.

Skills
- Identify, organize and analyze relevant economic information in a critic and systematic way.
- Clearly state economic problems assessing their scope and advancing viable solutions.
- Understand the relationship between economy and society in a world strongly influenced by
technological progress and climate change.

Attitudes
- Respect for economic facts as a basis for decision making both in private and public policies.
- Interest in other persons' ideas and willingness to express own opinions with grounds on
empirical references.
- Enthusiasm to take advantage from training and entrepreneurship opportunities throughout
professional life.

DESCRIPTION OF CONTENTS: PROGRAMME


The syllabus of Principles of Economics aims to introduce the students to the fundamentals of economic
analysis, distinguishing between microeconomics and macroeconomics.

1. Introduction. The basic economic problem: scarcity and pure interchange. Microeconomics and
Macroeconomics. Normative and positive economics. Opportunity cost and comparative advantage.

I. MICROECONOMICS

2. The demand function. Marginal utility and individual demand. The aggregated demand.
Movements along and shifts of the demand curve.
3. The supply curve. Marginal costs and supply of products by the individual firm. Aggregate
supply. Movements along and shifts of the supply curve. Elasticity of demand and supply.
4. Market equilibrium. Efficiency and equity in the market: consumer and producer surplus.
5. Market intervention and effects on welfare: price controls, quantity controls, taxes and
subsidies.
6. Market failures I: Imperfect competition (monopoly, oligopoly and monopolistic competition).
Asymmetric information: moral hazard and adverse selection.
7. Market failures II: Externalities and public goods.

II. MACROECONOMICS

8. Macroeconomic aggregates. GDP: definition and measurement.


9. Savings and Investment. Labour Market. Consumer Price Index and Inflation.
10. Money. Financial and monetary systems. The Central Banks and monetary policies. Money and
inflation.
11. Open economies. Trade balance and international capital flows. Nominal and real exchange
rate.
12. Economic fluctuations. Aggregate demand and aggregate supply. Short run and long run.
13. Fiscal policy. Mulipitlier and crowding out. Monetary policy, interest rate and aggregate
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demand. Debate on the adequacy of active economic policies.
14. Summary, review and preparation of the final exam.

LEARNING ACTIVITIES AND METHODOLOGY


The teaching methodology is based on two types of sessions:

1. Master classes, where the subject is given with graphical support (slides). To facilitate learning
the students have access to audiovisual materials and basic texts of reference to complete and deepen
the topics explained in class.
2. Practical classes to smaller groups of students, where they can take a more active part in
solving the proposed exercises. In these classes student¿s participation and solving of problem sets are
graded (continuous assessment). Student participation in class enables them to analyze problems and
communicate solutions, encouraging the exchange of opinions.

ASSESSMENT SYSTEM
The continuous assessment evaluates student participation, solving of problem sets and answering to questions in
practical classes and on-line evaluation; it amounts to 40% of the final grade. The remainder of the grade is based on
a final exam.
A necessary requirement to pass is a minimum grade of 3 out of 10 in the final exam.

% end-of-term-examination: 60
% of continuous assessment (assigments, laboratory, practicals…): 40
BASIC BIBLIOGRAPHY
- Díaz-Giménez, Javier Macroeconomía. Primeros conceptos., Antoni Bosh Editor.
- Krugman, Olney, Wells. Fundamentos de Economía., Ed. Reverté., 2008
- Mankiw, N. Gregory Principios de Economía, Thomson Paraninfo.
- Stiglitz-Walsh Microeconomía, Ariel, 2004
- stiglitz-Walsh Microeconomía, Ariel, 2011

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