Microeconomics (2205.YR.006716.2)

General information

Type:	BAS	Curs:	1	Period:	S semester
ECTS Credits:	6 ECTS

Teaching Staff:

Group	Teacher	Department	Language
Year 1	Josep Domenech Ponsi	Economía, Finanzas y Contabilidad	CAT, ESP

Workload distribution:
Lectures (taught by lead faculty and including case analyses): 45 hours
Participatory sessions (practical exercises): 15 hours
Readings and economic analysis of real case studies: 30 hours
Written exercises and assignments: 30 hours
Independent study (study/prepare for exams): 30 hours

The Economics I course is a part of BBA degree students' Economics training and contributes to achieve the following in conjunction with the department's other courses:

1) Develop students' ability for analysis, their mental acumen and critical outlook in relation to problems and economic relationships between companies and their environments.
2) Provide the highest level of professional training and the information necessary for those going on to a career in business or management.

Upon completing this course students will:
a) Have acquired the necessary knowledge and tools to undertake analyses and offer interpretations from an economic perspective, and
b) Be capable of critically engaging with the functioning of the markets and that of the economy while bearing in mind questions related to social responsibility.

Drawing on these global objectives, we will also address a series of specific goals linked to the development of a number of competencies:
A. Present frames of reference, theories and tools, as well as key factors for their use in analysing scenarios/case studies and in proposing measures/solutions for their improvement.
B. Facilitate the definition of concepts, theories and models.
C. Promote the integration and structuring of knowledge acquired in the course through tasks designed for this purpose.
D. Promote a critical attitude when analysing real situations, especially economic ones.

1. Knowledge acquisition, comprehension and structuring

2. Application of knowledge to achieve results

4. Conveying information and/or knowledge

12. Autonomy, independence, initiative, pro-activeness

7. Comprehension of the complexity of the local and global contexts

6. Strategic thought, systematic thought

1. Introduction to Economics The concept of Economics. Economic analysis tools: opportunity costs and marginal analysis. Normative and positive economics. Introduction to markets. Market concentration measures.

2. The market Demand and its drivers. The elasticity concept. Supply and its drivers. Market equilibrium. The dynamic market perspective.

3. Market intervention Indirect taxation. Grants/subsidies. Quotas. Maximum and minimum prices. International trade and its regulation.

4. Production and costs The production function. Productivity. The cost function. Short and long term. Competitive market equilibrium. Market dynamics.

5. Introduction to market failures Market failures. Production and consumption-related externalities. Taxes and subsidies as a means to correct the presence of externalities: limits. Public goods. Introduction to asymmetric information: Akerlof's model.

Economics is a conceptual course that requires dedication, effort and analysis. The learning process requires the following:
1) Prior reading on the concepts to be addressed in the lectures
2) Lectures that address the concepts structuring the course content. It is important that students answer the questions raised by the lecturers during the lectures, as well as take notes during each session.
3) Review their notes after each session in conjunction with their study of the recommended bibliography and/or group assignments.
4) Apply the knowledge acquired when preparing for the practical sessions.
5) During the practical sessions become aware of and track the knowledge acquired compared to the required knowledge: self-evaluation of the need to devote more or less time and/or request individual tutorials.
6) Evaluation and feedback on the basis of tests.

ASSESSMENT BREAKDOWN

Short bibliography:

Krugman, P. and Wells, R., Introducción a la Economía: Macroeconomía. Ed. Reverté, 1st edition, 2006 (July 2007 reprint).
Pindyck and Rubinfeld: Microeconomía. Editoarial Pearson/Prentice Hall, 2009 edition.

Group	Teacher	Department
Year 1	Josep Domenech Ponsi	Economía, Finanzas y Contabilidad