Subject

Introduction to Economy

  • code 08855
  • course 2
  • term Semester 2
  • type FB
  • credits 6

Module: Humanities

Matter: Human and cultural development

Main language of instruction: Catalan

Teaching staff

Head instructor

Dr. Miquel BASTONS - bastons@uic.es

Office hours

By appointment with the professor.


Introduction

In this course, we will study concepts and methods that are applied to decision-making and problem-solving in different economic areas. We will approach the decision-making process from different areas within the company and study their economical consequences for the company, especially those that are related to economic balance.


Objectives

The objective of this course is to transmit technical knowledge, while at the same time, having a strong practical orientation that can be used by students in their future careers. The objective is to develop the students’ capacity to interpret and resolve problems and issues that can be found in companies, treating these problems with rigor and improving the decision-making procedure. This is done by becoming familiar with the use of appropriate tools to analyse and find solutions to these problems. This will be done mainly through the use of appropriate case studies.

Competences / Learning outcomes of the degree programme

  • E26 - Ability to read and write texts in one's own language and other languages, as well as transcribe, summarise and categorise pertinent information.
  • G01 - To analyse and interpret social and cultural environments to identify need, opportunities, weaknesses and strenghts..
  • G02 - To lead, cooordinate and form part of interdisciplinary work teams.
  • G07 - To know how to apply and adapt to new technologies in processes of cultural management, production and dissemination.
  • G11 - Ability to work in an international context.

Learning outcomes of the subject

  1. The student will be able to identify the various elements that make up the economy and analyse the economic environment.
  2. The student will be able to identify different forms of economic organisation.
  3. The student will know and learn how to manage the different elements that make up the economic balance of the company.
  4. The student will know how to interpret economic information in a company, in order to resolve problems related to business.
  5. The student will learn to apply criteria in the decision-making process both in the short and long term and value these processes from the point of view of the economy of the company.
  6. The student will be able to rigorously deal with the elements of uncertainty and risk that can be found in a company.
  7. The student will be able to evaluate the economic consequences of the decisions made from various areas within the company.

Syllabus

1. THE ECONOMIC ORGANISATION. Characteristics and main elements. The Balance principle. The company as an economic agent. Economic benefit. Organisational patterns. Formal and informal economic structures.

Material

M. Friedman The Social Responsability ... friedman1970thesocialresponsibilityofbusinessistoincreaseitsprofits.docx

L'empresa com organització humana. Dimensió explícita i implícita.

elpoder,paraque.pdf

2. ORGANIZATIONAL ECONOMICS. The Efficiency principle. Accounting language. Some economic management instruments. Budgets and Balances.

Galería Soler

Escola de Música Armon

3. INCOMES AND COSTS. Types of costs. Differential costs, incomes and benefits. Fixed and variable costs. Opportunity cost.

4. ECONOMIC BALANCE. The concept of Contribution Margin. The Break-even point. Operational risk.

5. PRICE AND PRODUCTION DECISIONS. Full and excess capacity decisions. Operational leverage.

6. INVESTMENTS. The time value of money. The interest rate. The role of Central Banks. Inflation rate. NPV and IRR.

7. DECISION-MAKING IN ECONOMICS. The concept of ‘Rational decision’. Elements of a decision problem. Assessment and action plans. Uncertainty in decision-making. The value of information. Uncertainty and Risk. Expected monetary value.

Milgrom

Materials
            Case Electrónica electronica.doc   
            Quo vadis quovadis.cas.doc

8. THE MARKET. Definition of economic sector. Competition. The "Prisioner's dilemma". Trust in decision-making.

Material

Case La decisión de Inglaterra ladecisiondeinglaterra.doc


9. PRODUCTION. Productivity. Work capacity. Work systems.

10. SALARIES. Content of a salary policy. Criteria for determining the salary. Nominal wage. Market salary. Design and analysis of salary policies. Payroll.

Case Eurocultura eurocultura.cas.doc

11. CONTROL SYSTEMS. Economic indicators. Production control. Deviation analysis.

Case Editnova editnova.doc

Teaching and learning activities

In person

Throughout the course, two types of procedures will mainly be used.

1. Presentation of the theory corresponding to each topic in class by the professor.

2. Analysis and discussion of examples of practical cases for each topic.

To take advantage of the class it is completely necessary to come to class very well prepared.

TRAINING ACTIVITYHOURSCOMPETENCES



E24 G03 G04 G07 G14 G18 G24 G30

Evaluation systems and criteria

In person

  • Class Participation 50%
  • Mid-course Exam 20%
  • Final Exam 30%

Bibliography and resources

Basic Readings

-Ariño, M.A. y Maella, P. 2009. Iceberg a la vista: principios para tomar decisiones sin hundirse. Empresa Activa, Barcelona.

-Pastor, A. 2015. La ciencia humilde: Economía para ciudadanos. Editorial Crítica, Barcelona. (4ª edició).

-Pérez López, J.A., Fundamentos de la dirección de empresas, ed. Rialp, Madrid, 1994.

-Porter, M., Estrategia competitiva. Técnicas para el análisis de los sectores industriales y de la competencia, ed. Cecsa, México, 1980.

- Raiffa, H., Introductory Lectures on Choices under Uncertainty, Addison Wesley Publ., Massachusetts. 1968.

- Simon, H.A., Administrative Behavior, The Free Press, New York. 1976.

- Tugores, J. 2015. I després de la crisi, què?, Lleonard Muntaner Editors, Barcelona (existex edició castellana d'aquest llibre).

Complementary Lectures

- Bastons, M., Tomar decisiones. La inevitable cuestión ¿éxito o fracaso?, Ed. Ariel, Barcelona, 2004.

-García-Duran, J.A. 2005. Introducción a la Economía: iniciativa y bienestar. Editorial Ariel, Barcelona. (2ª edició).

-Rosanas, J.M., et a., Contabilidad de costes para toma de decisiones, Ed. Brouwr de Desclée, Bilbao, 1990.

- Tugores, J. 2010. Crisis: lecciones aprendidas ... o no. Editorial Marcial Pons-Fundación Privada Centro de Estudios Internacionales., Barcelona.

Teaching and learning material

      Material
            Balance de Escuela de Música Armon balancearmon.xls 
            Caso Galeria Soler casgaleriasoler.doc 
            Caso Hamlet hamlet.doc 
            Caso PicBlau picblau.doc 
            Estructura Formal - Informal empresaexplicita-implicitav.2.docx 
            La autoridad elpoder,paraque.pdf 
            M. Friedman The Social Responsability friedman1970thesocialresponsibilityofbusinessistoincreaseitsprofits.docx 
            Milgrom. El decisor económico ... milgrom.doc 
            Toma de decisiones económicas apuntessobredecisiones.doc 
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