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.

K9: Understand the economic dimension of the public sector in the state and international environment, as well as know the fundamentals and phases of the budget cycle in the public sphere C2: Identify, understand and know how to use the main theoretical and conceptual approaches and frameworks of the different areas of specialization and subdisciplines of political science S1: Be able to debate and formulate critical reasoning, using precise terminology and specialized resources, on political phenomena S4: Be able to apply the scientific method to social, political, and economic questions both domestically and in a globalized society S12: Understand the economic dimension of the public sector in the state and international environment, as well as the phases of the budget cycle in the public sphere

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.