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Economía I (GED60063)

General information

Type:

 BAS

Curs:

 1

Period:

 S semester

ECTS Credits:

 5 ECTS

Teaching Staff:

Group Teacher Department Language
Sec: A Juan Pedro Aznar Alarcón Economía, Finanzas y Contabilidad ESP

Group Teacher Department Language
Sec: B Juan Pedro Aznar Alarcón Economía, Finanzas y Contabilidad ENG

Group Teacher Department Language
Sec: C Juan Pedro Aznar Alarcón Economía, Finanzas y Contabilidad ENG

Workload distribution

-Classroom activities: 40% of credits
-Guided activities: 20% of credits
-Independent study: 40% of credits

COURSE CONTRIBUTION TO PROGRAM

This course introduces Law students to economic analyses, focusing primarily on microeconomic components. It will also introduce them to how markets work and possible market failures, as well as the laws and regulations which can play an important part in the results markets achieve in terms of efficiency and fairness.

Course Learning Objectives

This class contributes to students' comprehensive training by providing them with an appreciation of the different aspects of economics included in relevant laws and rulings. The course focuses on the study of how markets function and the different types of market structures we can find, as well as the effects of different regulatory frameworks on efficiency and equity in these markets.

Standard format objectives:

1. Understand economic analyses in different contexts.
2. Be capable of analysing changes in market equilibrium provoked by simultaneous changes in supply and demand.
3. Become familiar with the price elasticity and price discrimination concepts.
4. Be capable of analysing the impact of key market intervention policies: minimum and maximum prices, quotas, taxes and grants.
5. Be capable of determining the essential market structure traits in a concrete industry and determine the effects of said structure on producers, consumers and the rest of society.
6. Introduce economic analyses within the framework of Competition Law.

Competences

4. Conveying information and/or knowledge
6. Strategic thought, systematic thought

Relation between Activities and Competences

4 6
Exercises and analyses    
Tests    
Final exam    
Class participation    

CONTENT

1. SUBJECT 1. ECONOMICS AND LAW

1.1 Economics as a science
1.2 Relationship between Economics and Law
1.3 The importance of incentives in Economics
1.4 Economists' tools: An introduction to Games Theory

2. SUBJECT 2. THE MARKET AS A RESOURCE-ALLOCATION MECHANISM

2.1. The market as an allocation system
2.2. Market demand and determining factors
2.3. Market supply and determining factors
2.4. Market equilibrium and equilibrium dynamics
2.5. The elasticity concept
2.6. Third-degree price discrimination

3. SUBJECT 3. MARKET INTERVENTION

3.1. Introduction to market failures
3.2. Taxes and grants/subsidies
3.3. Minimum and maximum prices
3.4. Job market analysis and its regulation

4. SUBJECT 4. NON-COMPETITIVE MARKET STRUCTURES

4.1. Monopolies: effects on the level of well-being
4.2. Natural monopolies
4.3. Oligopolies: competitive vs. non-competitive strategies
4.4. Competition Law

5. SUBJECT 5. MARKET FAILURES

5.1. Problems with asymmetrical information
5.2. Public goods and their regulation
5.3. Introduction to international trade and protectionism

Relation between Activities and Contents

1 2 3 4 5
Exercises and analyses          
Tests          
Final exam          
Class participation          

Methodology

1) Class activities. The class is divided into two parts. In the first part, faculty will present the content of the corresponding topic in a manner that seeks to use examples, allowing students to interrelate Economics and Law. In the second part theoretical concepts will be addressed through:
- The completion of analytical comprehension exercises.
- Analysis of case studies that include: legal sentences, lawsuits with a clear economic component, analysis of public budgets.
- Analysis of economic news which may on occasions give rise to debates.

2) Ongoing assessment exercises. These consist of exercises similar to those undertaken in the second part of the classes. Each student will submit between 3 and 4 during the course.

ASSESSMENT

ASSESSMENT BREAKDOWN

Description %
Exercises and analyses 15
Tests 25
Final exam 50
Class participation 10

Assessment criteria

Attendance is compulsory. Students who miss more than 10% of the classes will not be assessed. To pass the course, students must earn a minimum of 5 points out of 10 on the final exam.

Assessment details:
Students completing the standard course format:
-Final exam: 50% of the final mark (students must earn a minimum of 5/10 on this exam to pass this subject.)
-Mid-term exam: 25% of the final mark
-Exercises and questionnaires: 10% of the final mark
-Class participation and attitude: 10% of the final mark

The exercises and questionnaires may be given in class without prior warning. Some may consist of online surveys. These are a part of students ongoing assessment.

Students completing the extended version
-Final exam: 40% of the final mark
-Mid-term exam: 20% of the final mark
-Market analysis presentation: 20% of the final mark
-Exercises and questionnaires on Moodle: 10% of the final mark
-Class participation and attitude: 10% of the final mark

Bibliography

Law and Economics. Robert Cooter. Editorial Pearson. ISBN 0-321-20471-9
El análisis económico del derecho. Richard A. Posner. ISBN 968-15-5133-2
Principios de economía. F. Mochón. Mc Graw Hill. ISBN 84-481-4656-5
Microeconomía, séptima edición. Robert S Pyndick and Daniel L. Rubinfeld. Pearson-Prentice Hall. ISBN 978-84-8322-500-4
Introducción a la Economía. Microeconomía. Paul Krugman and Robin Wells. Editorial Reverte: ISBN: 978-8429126310

Timetable and sections

Group Teacher Department
Sec: A Juan Pedro Aznar Alarcón Economía, Finanzas y Contabilidad

Timetable Sec: A

From 2018/9/7 to 2018/11/23:
Each Friday from 10:45 to 12:15. (Except: 2018/10/12 and 2018/10/26)
Each Friday from 9:00 to 10:30. (Except: 2018/10/12 and 2018/10/26)

Friday 2018/12/14 from 9:00 to 12:00.

Group Teacher Department
Sec: B Juan Pedro Aznar Alarcón Economía, Finanzas y Contabilidad

Timetable Sec: B

From 2018/9/10 to 2018/11/20:
Each Tuesday from 11:15 to 13:15. (Except: 2018/9/11)
Each Monday from 9:00 to 10:30. (Except: 2018/9/24)

Friday 2018/12/14 from 9:00 to 12:00.

Group Teacher Department
Sec: C Juan Pedro Aznar Alarcón Economía, Finanzas y Contabilidad

Timetable Sec: C

From 2018/9/6 to 2018/10/25:
Each Monday from 10:45 to 12:15. (Except: 2018/9/24, 2018/10/1, 2018/10/8, 2018/10/15 and 2018/10/22)
Each Thursday from 11:15 to 13:15.

From 2018/10/1 to 2018/11/22:
Each Monday from 10:45 to 12:15.
Each Thursday from 11:15 to 13:15. (Except: 2018/10/4, 2018/10/11, 2018/10/18, 2018/10/25 and 2018/11/1)