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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.
CB3. That 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.
CB5. That students have developed those learning skills necessary to undertake further studies with a high degree of autonomy.
CE8. Synthesize ideas to make them feasible and profitable business understanding the current market.
CE11. Apply the knowledge to undertake business projects that allow the creation of new companies or the improvement of existing ones, applying innovative and creative ideas.
CE15. Gather and interpret meaningful data to make judgments that include reflection on relevant business issues and be able to prepare a document that allows for the transmission of information or an innovative business proposal.
CG1. Be able to work in a team, actively participate in tasks and negotiate in the face of dissenting opinions until reaching consensus positions, thus acquiring the ability to learn together with other team members and create new knowledge.
CT5. Develop tasks applying the knowledge acquired with flexibility and creativity and adapting them to new contexts and situations.
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.
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.
The final mark of this course will consist of the following compulsory elements:
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.
MANKIW, G. (2020) “Principles of Economics”. Thompson-Paraninfo. Eighth edition. Madrid.
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