TecnoCampus Foundation
eCampus
University Business
eCampus

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General information

Subject type: Basic

Coordinator: Núria Masferrer Llabinés

Trimester: Second term

Credits: 6

Teaching staff: 

Alexander Kucel
Eloi Serrano Robles 
Ivette Fuentes Molina 
Roberto Dopeso Fernandez 

Teaching languages

  • Catalan
  • English

Check the schedules of the different groups to know the language of teaching classes. Although the material can be in any of the three languages.

 

 

 

Skills

Basic skills

  • B3_Students have the ability to gather and interpret relevant data (usually within their area of ​​study), to make judgments that include reflection on relevant social, scientific or ethical issues

     

  • B5_That students have developed those learning skills necessary to undertake further studies with a high degree of autonomy

Specific skills

  • E1_Interpret basic economic concepts and economic reasoning, as well as microeconomic and macroeconomic functioning

     

  • E9_Use mathematical tools and advanced statistical tools for decision making and contrasting various economic assumptions

     

General competencies

  • G1_Be able to work in a team, actively participating in tasks and negotiating dissenting opinions until reaching consensus positions, thus acquiring the ability to learn together with other team members and create new knowledge

Transversal competences

  • T5_Develop tasks applying, with flexibility and creativity, the knowledge acquired and adapting it to new contexts and situations

     

Description

The aim of this course is to introduce the basic concepts and principles to understand the functioning of contemporary economies, emphasizing the study of markets, their agents: companies, consumers and public administrations and the interrelationships established between they.

Contents

1. The concept and method in economics:

1.1. What is the economy. History of economic thought. 

1.2. Methodology of economics.

1.3. Normative economy and positive economy.

1.4. Applications.

1.5. Scarcity, choice and productive factors.

1.6. The frontier of production possibilities (FPP).

1.7. Opportunity cost.

1.8. Law of decreasing returns.

1.9. Microeconomics and macroeconomics.

1.10. Graphic representations in economics.

2. Specialization, exchange and money.

2.1. Specialization and exchange. Market efficiency.

2.2. Absolute and comparative advantage.

2.3. Economies of scale.

2.4. Exchange and monetary economy: the functions of money.

3. Market mechanisms: supply and demand.

3.1. The determinants of demand and its displacements.

3.2. The determinants of supply and their displacements.

3.3. The balance of the market.

3.4. The laws of supply and demand.

3.5. Applications of supply and demand analysis.

4. The elasticity of supply and demand.

4.1. The elasticity of demand: price, substitution and income.

4.2. The elasticity of supply.

4.3. The elasticity of producers' income and consumer spending.

5. The theory of consumer choice.

5.1. The budget constraint.

5.2. Consumer preferences.

5.3. Optimization in consumer choice.

5.4. Obtaining the demand curve.

6. The role of the state in the economy.

6.1. The diversity of economic activities and economic agents.

6.2. Maximum and minimum prices (effective and ineffective).

6.3. Externalities (usually).

7. The company in a perfectly competitive market.

7.1. Maximizing profits in a competitive company. 

7.2. Demand and marginal income of the company.

7.3. Optimal production and supply curve of the company in the short and long term.

7.4. Company response to variations in factor costs.

7.5. Answerable markets: entry and exit of companies; externalities.

8. Market power and pricing.

8.1. The monopoly: inefficiency and social cost of the monopoly.

8.2. Price discrimination.

8.3. Bilateral monopolies and monopsons.

8.4. Vertical integration and transfer pricing.

8.5. Regulation of monopolies.

8.6. Absence of strategic behaviors (simultaneity of actions): Cournot's solution and Bertrand's solution.

8.7. Strategic behaviors (sequential actions): Stackelberg solution.

8.8. Joint profit maximization: collusion and cartel.

8.9. Barriers to entry.

9. Game theory and competitive strategy.

9.1. Cooperation and conflict.

9.2. Alternative coordination mechanisms.

9.3. The institutional framework: property rights.

9.4. Nash equilibrium and Pareto optimums.

9.5. Nash's perfect balance in subplots.

10. The economic analysis of labor markets.

10.1. Factors markets.

10.2. Income and discrimination.

10.3. Income inequality and poverty.

Evaluation system

The final mark of this course will consist of the following compulsory elements:

  • Final exam type test: 60% (RECOVERABLE ONLY IF THE FINAL EXAM IS PRESENTED)
  • Group work and exhibition: 30% (% OF PRESENTATION IS NOT RECOVERABLE)
  • Delivery of a set of exercises and participation: 10% (NOT RECOVERABLE)

It is essential to pass all parts of the course with a grade of 5 to pass the course. The final cut-off mark to pass the course will be a 5/10.

Students who do not take the final exam will not be able to take the resit exam.

The student will only be able to retake the final exam and not the parts of the continuous assessment.

Summary of evaluation weights:

Final exam

60%

Participation in activities proposed in the classroom

10%

Group work and exhibitions

30%

A student who has not applied for the first call CANNOT apply for recovery.

REFERENCES

Basic

MANKIW, G. (2020) “Principles of Economics”. Thompson-Paraninfo. Eighth edition. Madrid.

Complementary

PARKIN, M. (2008) “Economics”. Pearson. 8ª Editing. Mexico.

SAMUELSON, PA, NORDHAUS WD (2010) “Economics. With applications to Latin America ”. McGraw Hill. Nineteenth edition. Mexico.

PATRICIO GARCÍA MÍNGUEZ, AUSIAS RIBÓ ARGEMÍ, FERNANDO SÁNCHEZ LOSADA, MÓNICA SERRANO GUTIERREZ, ALEXANDRINA PETROVA STOYANOVA, MONTSERRAT VILALTA BUFÍ (2015). 100 Problems of microeconomics that will make you think.Ed Auditorium