|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.
R_AE_01. Define resource scarcity and describe the most relevant resource allocation models in economics.
R_AE_02. Define and interpret prices in a market economy.
R_AE_05. Define, obtain and interpret the equilibrium in a perfectly competitive market.
R_AE_08. Define efficiency and optimality in economics. Apply these concepts to different market structures.
R_AE_10. Know the macroeconomic models for determining income, interest rates and prices.
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:
|Problem sets done in class
This final grade can be increased up to 5% depending on active participation during the course.
"*Reassessment opportunity: 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 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: Elasticities and Surplus
Topic 4: Perfect Competition and the Invisible Hand
Topic 5: Externalities
Topic 6: The Government in the Economy: Taxation and Regulation
Topic 7: The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates
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.