The subject Principles of Economics introduces the student into the rudiments of economic analysis so she (he) can start to think 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.

K2: To know of basic humanistic contents, oral and written expression, following ethical principles and completing a multidisciplinary training profile. K5: To know the basic components of cultural differences and social inequalities. K7: To understand the relationships between population, resources, environment and socio-demographic structure K9: Understand and synthesize the plurality of approaches and concepts of the subdisciplines linked to sociology. S1: To know of basic humanistic contents, oral and written expression, following ethical principles and completing a multidisciplinary training profile. S2: Use information interpreting relevant data avoiding plagiarism, and in accordance with the academic and professional conventions of the area of study, being able to assess the reliability and quality of such information. S3: Identify and apply interpersonal skills on responsibility, negotiation and emotional intelligence. S4: Demonstrate good communication and ability to work in multidisciplinary and international environments. S5: Develop personal autonomy in the work and professional sphere in order to identify one's own learning needs. S7: Apply the knowledge acquired to identify the sociological perspective in the analysis of social, political and economic processes. S9: Be able to formulate, debate and defend critical reasoning, using precise terminology of the discipline and methodologies of the discipline. S10: Be able to manage, identify, gather and interpret relevant information on the economic, political and social field of teaching and research. C1: Know and be able to handle interpersonal skills on initiative, responsibility, conflict resolution, negotiation, etc., which are required in a professional environment.

The syllabus of Principles of Economics aims to introduce students to the fundamentals of economic analysis, distinguishing between microeconomics and macroeconomics. 1. Introduction:The basic economic problem: scarcity. Microeconomics vs. Macroeconomics. Technology, population, and growth. I. MICROECONOMICS 2. Scarcity, work, and choice 3. Social interaction and inequality 4. Supply and demand: Price-taking and competitive markets 5. The firm and its customers 6. Markets, efficiency, and public policy II. MACROECONOMICS 7. Banks, money, and the credit market 8. Economic fluctuations and unemployment 9. Unemployment and fiscal policy 10. Inflation, unemployment, and monetary policy 11. Aggregate demand and supply: The Keynesian and Neoclassical perspectives 12. Inequality

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.