Universitat Internacional de Catalunya
Principles of Economics
Other languages of instruction: Catalan, English
Teaching staff
- Pablo Agnese (pagenese@uic.es)
Office hours: At any time, having contacted previously by e-mail.
- Juan Antonio Astorga (jastorga@uic.es)
Office hours: At any time, having contacted previously by e-mail.
Introduction
This course aims at providing law students with the main concepts of Economics and Business. The assimilation of these notions permits students to better understand other subjects included in their curriculum, especially those related with the financial and economic environment and with the public sector.
Pre-course requirements
There are not previous requirements.
Objectives
The purpose of this subject is making the students familiar with the manner in which markets and economies operate. The course deals with some of the most important economic topics adopting the usual approach that economists apply to the study of economic facts and policies. The program addresses the main issues drawing the attention of policy-makers nowadays, and stresses the issues linked to the field of public economics.
Competences/Learning outcomes of the degree programme
- 01 - To acquire the ability to understand main ideas and participate in conferences or professor led lectures in their academic context.
- 02 - To acquire the ability to understand, analyse and synthesise
- 05 - To be able to develop skills for group work
- 12 - To be able to organise and plan
- 13 - To develop critical analysis skills
- 29 - To be able to gather and interpret economic documentation
- 31 - To develop concepts and the basic tools for the study of economics with the objective of understanding economic phenomenon
Learning outcomes of the subject
- Habrá desarrollado la capacidad de confeccionar un cronograma de trabajo ante un plazo fijado y preclusivo
- Comprenderá bibliografía y literatura económica en inglés
- Manejará la terminología y estructuras lingüísticas de la lengua inglesa relacionadas con el ámbito de la Economía
- Será capaz de reunir e interpretar documentación económica relativa al ámbito de esta materia
- Será capaz de trabajar de forma autónoma y de planificar y organizar su aprendizaje
- Conocerá y comprenderá las nociones básicas de la Economía
- Sabrá relacionar los distintos conceptos económicos entre sí
- Sabrá interpretar gráficos y modelos económicos
- Comprenderá las principales variables macroeconómicas
- Habrá adquirido el conocimiento crítico de las distintas políticas económicas
- Habrá adquirido destreza en el uso de las TIC's
Syllabus
Part I. Main Macroeconomic Concepts
Chapter 1. Main Economic Issues
1.1. The economic way of thinking.
1.2. The circular flow and the theory of income.
1.3. Macro-magnitudes and their calculation.
Chapter 2. The Monetary System
2.1. Nature and origin of money.
2.2. Financial accounts and banking system.
2.3. Amount of money, inflation and the CPI.
Chapter 3. Labour Market and Unemployment
3.1. Population groups in the labour market.
3.2. Concept, types and size of unemployment.
3.3. Labour market and per capita income.
Chapter 4. Growth and Economic Development
4.1. Growth and distribution of wealth.
4.2. Population and development.
4.3. The role of institutions in economics.
Part II. Firms, Markets and Intervention
Chapter 5. Theory of the Firm and Competitive Markets
5.1. Consumers and the concept of demand.
5.2. Opportunity cost and the supply of goods.
5.3. Price setting and market equilibrium.
Chapter 6. Market Power and Regulation
6.1. The effect of price controls, taxes and subsidies.
6.2. Market power and price discrimination.
6.3. Social costs of the Monopoly.
Chapter 7. Externalities and Public Goods
7.1. Positive and negative externalities.
7.2. Market failures and public goods.
7.3. Public choice theory.
Part III. Issues on Economic Policy
Chapter 8. Economic Policy Debates
8.1. Goals and instruments of fiscal and monetary policies.
8.2. Alternative perspectives on stabilization policy.
8.3. Current debates on economic policy.
Chapter 9. Open Economy and International Trade
9.1. The gains from trade and competitive advantage.
9.2. Reasons for protectionism.
9.3. Balance of payments and exchange rate.
Chapter 10. Financial Sector and Global Crises
10.1. Events leading to the great recession and policy intervention.
10.2. Bank behaviour, credit crunch and business cycles.
10.3. Cryptocurrencies and the future of the financial system.
Teaching and learning activities
In person
| TRAINING ACTIVITY | COMPETENCES |
| Presenting concepts and their practical application in the classroom | 27 31 |
| Classroom activities in order to follow up on students (both individual and in a group) | 10 27 29 |
| Student independent study | 11 12 27 28 29 31 |
| Individual and group projects | 10 11 12 27 28 |
| Tutorials | 12 |
Evaluation systems and criteria
In person
The overall rating consists of the following elements:
● Partial Examination (Macroeconomics and Microeconomics): 20% of the mark (will take place in November).
● Participation in class and attendance: 10% of the mark.
● Final Exam: 70% of the mark.
Attending the lectures is required to take the partial examinations. (Only one unjustified missing lecture will be admitted). The type of exam questions will be explained in class. For the evaluation of the second call (retake) the on-going evaluation will be ignored.
The grades from the partial exams are final and will be part of the grand total by the end of the semester. The final exam includes everything we have studied during the course. (The subjects covered in the partial exams will not be skipped in the final, regardless of your previous grades).
Bibliography and resources
Textbook:
– Gregory Mankiw (2016), 8th edition, “Principles of Economics”. South-Western College Pub. (ISBN-13: 9780538453059. Previous editions are also valid). There is also a Spanish version: (2017), 7th ed.: «Principios de Economía». Ed.: Cengage Learning. ISBN13: 9781305585126.
Other References:
- José Luis Alvarez Arce (2006), "El idioma de los precios: los pequeños secretos del dinero", CiE Inversiones Editoriales Dossat, Madrid.
- Alfredo Pastor (2015), 2ª edición, “La Ciencia Humilde: Economía para ciudadanos” Ed. Crítica. ISBN: 9788498928679. (There is not an English version available).
- Pedro García del Barrio (2009), "Entender el mercado de trabajo ¿Tan difícil es combatir el paro?," CiE Inversiones Editoriales Dossat, Madrid.