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2021/2022

Introduction to Economics

Code: 102277 ECTS Credits: 6
Degree Type Year Semester
2500786 Law FB 1 2
The proposed teaching and assessment methodology that appear in the guide may be subject to changes as a result of the restrictions to face-to-face class attendance imposed by the health authorities.

Contact

Name:
Isabel Busom Piquer
Email:
Isabel.Busom@uab.cat

Use of Languages

Principal working language:
catalan (cat)
Some groups entirely in English:
No
Some groups entirely in Catalan:
Yes
Some groups entirely in Spanish:
Yes

Other comments on languages

Groups in catalan: 01 Isabel Busom (seminri 11) & Marc Aliana (seminari 12); Group 51: Francesc Xavier López (seminari 511) & Mar Soriano (seminanri 512); Group in Spanish: 02 Elisa Failache (seminari 22 & seminari 513))

Teachers

Francesc Xavier López Andrés
Marc Aliana Cervera
María Elisa Failache Mirza
Mar Soriano Prats

External teachers

per determinar
per determinar

Prerequisites

None

Objectives and Contextualisation

This is a first-year, first semester subject. The course content may be considered as basic and fundamental.

The subject provides the main tools of economic analysis needed to understand and analyze the socio-economic performance of a society. Within this framework, this course aims at enabling students to use the basic concepts and analytical graphs developed by current economic analysis to understand the main facts that characterize an economy.

The training objectives of the subject can be summarized as follows:

1. Acquiring the basic conceptual knowledge of microeconomics and macroeconomics
2. Knowledge of the fundamental economic institutions
3. Ability to produce a reasoned and critical analysis of current economic facts
4. Demonstrate the acquisition of knowledge through written and oral expression, both individually and in groups

The content of the course will explicitly consider issues related to gender.

Competences

  • Efficiently managing information, being capable of assimilating a considerable volume of data in a limited amount of time.
  • Identifying and solving problems.
  • Identifying the underlying conflicts of interest in disputes and real cases.
  • Integrating the importance of Law as a regulatory system of social relations.
  • Managing bibliographic and documentary resources: databases, browsing, etc.
  • Students must be capable of learning autonomously and having an entrepreneurial spirit.
  • Students must be capable of perceiving the impact and implications of the decisions taken.
  • Use different information and communication technologies.
  • Working in multidisciplinary and interdisciplinary fields.

Learning Outcomes

  1. Efficiently managing information, being capable of assimilating a considerable volume of data in a limited amount of time.
  2. Identifying and solving problems.
  3. Knowing the nature of the conflicts underlying in a market economy.
  4. Knowing the ways of assessing conflicts that might inform the legal standards.
  5. Managing bibliographic and documentary resources: databases, browsing, etc.
  6. Possessing basic economic knowledge.
  7. Relating the role of regulations in the functioning of the economic activity.
  8. Students must be capable of learning autonomously and having an entrepreneurial spirit.
  9. Students must be capable of perceiving the impact and implications of the decisions taken.
  10. Use different information and communication technologies.
  11. Working in multidisciplinary and interdisciplinary fields.

Content

1. Economics: basic issues. 

What economic analysis is about. Markets and governments: mixed economies. The circular flow of income. Fundamental concepts: production possibility frontier; opportunity cost. The PPF and economic growth. Trade and trade gains; absolute and comparative advantage.

2. Markets: demand and supply.

Types of markets. Individual and col·lective demand and supply in competitive markets. Equilibrium. Shifts of supply and demand. Changes in equilibrium. Elasticity.

3. Markets, efficiency and public intervention.

Markets, welfare and efficiency: consumer and producer surplus. Changes. Some public interventions: minimum prices, maximum prices, indirect taxation.

4. Supply: firms and costs.

Technology and the production function; marginal and average productivity. Cost functions: total cost, marginal cost, average cost; variable and fixed costs; long term and short term costs.

5. Markets in perfect competition.

Definition of perfect competition. Production and hiring decisions: profit maximization and the supply curve in a competitive market. Changes in costs and profits. Firm closure. Shifts of the supply curve. Elasticity of supply.

6. Non-competitive markets and public policy.

Imperfect competition: monopoly, oligopoly and cartels. Equilibrium with monopoly. Effects on welfare: loss of efficiency and market failures. Public policies towards monopolies and oligopolies. Competition policy in the European Union.

7. Market failures and public policy.

Externalities: positive and negative. Pollution; climate change. Public policies: environmental taxes and emission permits. Public goods.

8. Fairness, Inequality and Poverty. Income redistribution.

Personal income. Wages and capital rents: factor markets.  Gender, discrimination,education. Measuring income inequality: the Lorenz curve.Absolute and relative poverty: definition and measurement. The Tax system and redistribution: income tax and inheritance taxation. Public expenditure and redistribution.

9. Economic aggregates.

GDP: value added, national income, aggregate expenditure. Composition of the GDP. Real and nominal GDP. Price indices and cost of living. Unemployment: types and measurement. Inflation rate: definition and measurement. Public deficit and Public debt. Money.

10. Economic cycles and the economy in the long term.

Economic growth in the long term. Economic cycles. Aggregate demand and Aggregate supply. The short term: fiscal and monetary policies.

Methodology

Important Note: Teaching and assessment methods may be subject to change in case health authorities impose restrictions to the access to the Campus.

The course will consist of the following activities:

Lectures: The lecturer introduces and explains the basic concepts and graphs corresponding to each topic. Student attendance is essential.

Seminar sessions: these in-class sessions, of compulsory attendance, will be dedicated to problem solving, case studies and/or debates about current issues. They include class presentations by students.

Evaluation activities: There will be four activities (minimum) for that purpose. Two will consist of written tests (a mid-term and a final exam).

Complementary activities: Lecturers may recommend attendance to conferences or seminars.

Annotation: Within the schedule set by the centre or degree programme, 15 minutes of one class will be reserved for students to evaluate their lecturers and their courses or modules through questionnaires.

Activities

Title Hours ECTS Learning Outcomes
Type: Directed      
Assessment 5 0.2 3, 4, 1, 5, 2, 7, 9, 6, 11, 10
Lectures 19.5 0.78 3, 4, 7, 6, 11
Seminar sessions, problem solving and case studies 19.5 0.78 3, 4, 5, 2, 7, 8, 9, 6, 11
Type: Supervised      
Tutorials 0 0
Type: Autonomous      
Individual study, problems, essays and recommended activities 106 4.24 3, 4, 1, 5, 2, 7, 9, 6, 10

Assessment

Assessment will be on a continuous basis along the semester. It will consist of the following activities:

1. A midterm written test (35%)

2. An end of semestr written test (35%)

3. Problems, cases, practical exercises: 30%

Professors will provide the dates of each evaluation activities at the beginning of the semester.

To pass, a weighted average grade of 5 over 10 or higher is required, AND at least a grade of 3.5 in each written test.

Re-assessment: If the weighted mean of all assessment activities is equal or greater than 3.5 points but less than 5, the student may take an exam at the date determined by the Facultat.

Misconduct: A student who cheats or tries to cheat an exam will have a 0 as a mark. A Student who submits a paper o practical in which there is evidence of plagiarism will have a 0 as a mark and will receive a warning. In case of repetition, the students will fail the subject.

Assessment Activities

Title Weighting Hours ECTS Learning Outcomes
End of term test 35% 0 0 3, 1, 5, 2, 7, 8, 9, 6, 11, 10
Midterm test 35% 0 0 3, 4, 1, 5, 2, 7, 8, 9, 6, 11, 10
Problem solving and cases 30% 0 0 3, 4, 1, 5, 2, 7, 8, 9, 6, 11, 10

Bibliography

Bibliography.

Each lecturer will indicate which of the following Manuals will be mandatory in her/his group:

Acemoglu, Daron; David Laibson i John A. List (2017), "Economia", Antoni Bosch ed..

Krugman, Paul; Robin Wells and Kathryn Graddy (2014), "Essentials of Economics", Third Edition, Worth Publishers, NY.

Mankiw, Gregory N. (2012): Principios de economia, 6ª ed., Ediciones Paraninfo, o edicions posteriors.

Mochón, Francisco (2009): Economía. Teoría y Política. Ed. McGraw-Hill, o edicions posteriors.

 also available through the UAB library: https://elibro.net/es/ereader/uab/50180

Recommended Bibliography:

Project CORE: The Economy, open e-book. Link: https://www.core-econ.org/

 

 

Nobel Prizes in Economics

2009: Elinor Omstrom:  https://en.wikipedia.org/wiki/Elinor_Ostrom

2019: Esther Duflo: https://en.wikipedia.org/wiki/Esther_Duflo

 Other female Nobel Prizes: https://en.wikipedia.org/wiki/List_of_female_Nobel_laureates

Each lecturer will indicate in class additional references and materials.

 

Software

None