Checking date: 04/07/2020


Course: 2020/2021

Foundations of Economics
(12862)
Study: (84)


Coordinating teacher: GALLEGO CANTERO, MARIA JOSE

Department assigned to the subject:

Type: Compulsory
ECTS Credits: 6.0 ECTS

Course:
Semester:




Students are expected to have completed
The introduction to economics implies a general vision of basic economic and financial education in order to have a base that allows the specific studies of the different subjects to be developed later on in the Official Degree Studies of the different Faculties of Social and Legal Sciences, and of Humanities and Communication. As it is an introductory course, no previous knowledge is needed, beyond basic mathematical calculations, to understand the tables and graphs.
Competences and skills that will be acquired and learning results.
Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, more specifically, it is the study of what constitutes rational human behaviour in the endeavour to fulfil needs and wants. (Reem Heakal) It is difficult to find a more useful subject for the future life of the students than ¿Introduction to Economics¿: The study of economics investigates the consequences of scarcity, which forces people, organizations, and governments to choose among competing objectives. Economics looks at these choices and how they affect the production of goods and services, market prices, national output, unemployment, inflation, economic growth, and the use and distribution of resources within and across nations. ¿all of the issues that move and could change the world. COMPETENCES AND SKILLS THAT WILL BE ACQUIRED: This course aims to enable students so that they can use economic models and skills to analyze real life economic problems. It examines both microeconomics and macroeconomics. The goals of this course are: first to increase the student¿s familiarity with economic concepts and theories; second to increase the student¿s ability to use formal quantitative tools to analyze economic problems; and third to develop the student¿s ability to apply economic reasoning to real situations and decisions. This course aims to familiarize students with the economic method of analysis and its applications to decision making and work. This requires the understanding of the following key concepts: 1. Feasible choices (budget set, technology, opportunity cost) and decision making (preferences, profit maximization). 2. Interaction of economic agents (market, supply, demand, equilibrium). 3. Assessment of economic outcomes (social optimum, Pareto criteria, market failure -externalities, public goods). Skills: 1. Handling statistical and documental economic data. 2. Analyzing and interpreting the indicators characterizing the activities of economic entities and countries. 3. Individual problem solving and ability to share and discuss the results with other students. 4. Oral and written communication skills.
Description of contents: programme
Participants will be exposed to the economic way of thinking and learn about the functioning of a modern market economy. The early part of the course focuses on microeconomic analysis including the behavior of consumers and firms. We analyze markets for goods and services and policy choices that affect these markets. The later part of the course moves on to macroeconomic concepts such as national production, employment, inflation and interest rates. We explore models that determine long-run growth and short-term fluctuations in national economies. We then discuss the role of government regulation, monetary policy, and fiscal policy. This course aims to familiarize students with the economic method of analysis and its applications to decision making and work. This requires the understanding of the following key concepts: 1. Feasible choices (budget set, technology, opportunity cost) and decision making (preferences, profit maximization). 2. Interaction of economic agents (market, supply, demand, equilibrium). 3. Assessment of economic outcomes (social optimum, Pareto criteria, market failure -externalities, public goods). Skills: 1. Handling statistical and documental economic data. 2. Analyzing and interpreting the indicators characterizing the activities of economic entities and countries. 3. Individual problem solving and ability to share and discuss the results with other students. 4. Oral and written communication skills.
Assessment System
Basic Bibliography
  • Joseph E. Stiglitz, Wileyaus, Carl E. Walsh. Economics.. Norton & Company. 4th Edition, 2005
  • Mankiw, N. Gregory N. Gregory Mankiw. Principles of Economics. South-Western College Publishers. 6th Edition, 2012
  • Paul Krugman, Robin Wells and Kathryn Graddy. Essentials of Economics. Worth Publishers. 3rd edition, 2013

The course syllabus and the academic weekly planning may change due academic events or other reasons.