Degree | Type | Year | Semester |
---|---|---|---|
2500786 Law | FB | 1 | 2 |
None
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.
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.
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.
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 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.
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.
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.
None