|Course code: 176102
|Subject title: INTRODUCTION TO ECONOMICS
|Type of subject: Basic
|Period: 1º S
|ALCALDE UNZU, JORGE (Resp) [Mentoring ]
|ECHAVARRI AGUINAGA, REBECA [Mentoring ]
This course aims to encourage the acquisition of general scientific skills relating to Economic Thought and Analysis. To this end, the course aims to offer the student a fresh and stimulating approach to Economics, which would revolve around three principles: optimization, equilibrium and empiricism. The course would cover economic methods, concepts, and tools used to examine economic decisions whether they are undertaken by individuals, firms or governments. The course would also be oriented to examine the intended and unintended consequences of these decisions on the well-being of all the others. The teaching methods used in this course are characterized by being student-centred and enquiry-based learning.
This course aims to encourage students for the understanding and expression of central ideas related to the functioning of the economic system in a complex society. The final aim is that this course enables students to:
(i) READ news and reports on economic issues of growing interest in the social, economic and political environments;
(ii) WRITE on these topics, using the economic method (including terminology, mathematical models and analysis);
(iii) EXPRESS interpretation and opinion on economic issues by speaking in front of an audience.
The specific proficiencies to be working throughout Introduction to Economics are the ability to:
By the end of this course students will be able to:
LO1. Demonstrate a working knowledge of the concepts used in economics such as scarcity and source allocation, the money system, competitive equilibria, non-competitive markets, economic efficiency, and frameworks such as the decision theory (consumption and production) and the theory of well-being.
LO2. Achieve an understanding of macroeconomic models for examining concepts such as wealth, money, inflation, unemployment, and that allow predictions on the impact of implementing a wide range of political economy instruments.
LO3. Achieve an understanding of the theoretical foundations of decision making.
These learning outcomes are interdependent. Students should aim to apply knowledge gained in one aspect of the course to other parts of it. Questions and discussion are strongly encouraged during the lectures. Emphasis would be given in topics 1 to 7 to secure the learning outcome LO1, in topics 8 to 12 to secure LO2, and in topics 1 to 12 to attain the learning outcome LO3.
The learning and teaching methodology is based on student-centred and enquiry-based techniques that would combine lecturing on students with the creation of small and cooperative learning environments. We would exploit showcase empirical questions (called "evidence-based economics features"), data analysis, experiments, poster sessions and model design. The contents would be structured around a single textbook.
|Hours (out of classroom)
|A-1 Master sessions
|A-3 Advanced reading for lectures
|A-6 Office hours (individual)
The master classes will consist on an exposition of the course topics by the instructor.
The seminar and problem solving classes will require the active participation by the students.
The summative assessment methods are detailed below:
|LO1, LO2, LO3+ general proficiency of Read
|Lab based exams
|LO1, LO2, LO3+ general proficiency of Written
|L01, L02, L03 + general proficiency of Express
The lab based exams and written exam represent 95% of the final grade. The remaining 5% corresponds to participation.
*Reassessment opportunities: A person that fails to demonstrate a good attainment of the learning outcomes on the basis of the above summative assessments would have the opportunity to demonstrate the attainment of the learning outcomes LO1, LO2 and LO3 and the reassessment would consist on a resist written exam only. These students will obtain a final grade in the course of 5.0 if they pass this exam.
This introductory course to Economics presents the main economic notions related to the functioning of the economic system in a complex society. After beginning with the definition of Economics due to Lionel Robins (namely, "Economics is the science which studies human behaviour as a relationship between ends and scarce means that have alternative uses"), we go on to examine individual (including persons and firms) and social decisions in various economic contexts, and from micro and macroeconomic perspectives.
Topic 1: Introduction
Topic 2: Consumers and incentives
Topic 3: Sellers and incentives
Topic 4: Perfect competition, the invisible hand and trade
Topic 5: Externalities, taxes and regulations
Topic 6: The wealth of nations
Topic 7: Employment and unemployment
Topic 8: The monetary system
Topic 9: Short-Run Fluctuations and Macroeconomic Policy
Acemoglu D., D. Laibson and J. A. List. 2017. Economics 2nd Ed. Pearson.
Campus de Arrosadia.