|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 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:
Express fluently by speaking and writing in social and economic contexts, and participate in team work.
Make use of information and communication technologies in their future professional careers.
SP01 Understand economic institutions are as a result and application of theoretical or formal representations about how the economy works.
SP04 Use professional criteria for economic analysis, preferably those based on the handling of technical instruments.
SP08 Identify and anticipate relevant economic problems in relation to the allocation of resources.
SP09 Contribute rationality to the analysis and description of any aspect of economic reality.
SP10 Evaluate the consequences of different action alternatives and select the best ones given the objectives.
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 represent 55% of the final grade, the final written exam represents 40% of the final grade, and 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.
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: Demand, supply and equilibrium
Topic 3: Consumers and sellers
Topic 4: Perfect competition and the invisible hand
Topic 5: Trade
Topic 6: Externalities, taxation and regulation
Topic 7: The wealth of nations
Topic 8: Employment and unemployment
Topic 9: The monetary system
Topic 10: Short-run fluctuations and macroeconomic policy
Acemoglu D., D. Laibson and J. A. List. 2017. Economics 2nd Ed. Pearson.
Campus de Arrosadia.