Managerial Economics (2225.YR.006223.1)
General information
Type: |
BAS |
Curs: |
1 |
Period: |
S semester |
ECTS Credits: |
4 ECTS |
Teaching Staff:
| Group |
Teacher |
Department |
Language |
| Year 1 |
Juan Pedro Aznar Alarcón |
Economía, Finanzas y Contabilidad |
ENG |
COURSE CONTRIBUTION TO PROGRAM
Economics analysis is the analysis of social relations from concrete perspective. Any undergraduate that wants to study social sciences will need the basic tools of economic analysis for a better understading of the social relations and the complexity of the social system. The Global Governance, Economics and Legal Order program aims specifically at to provide the student wiht tools of Economic analysis. This course is an introduction to the most common economic tools of analysis, focusing on Microeconomics, therefore, including the discussion about different market structures and the effects of government intervention in markets.
Course Learning Objectives
The objectives in Economics I in terms of what students will learn are:
1) How to analyze a concret market and predict what can be the most important consequences on changes affecting the market ( changes in supply or demand factors) and governments intervention.
2) To use simple economic models as a way to represent real situations.
3) To introduce some of the most relevant concepts in economic analysis: market failure, welfare analysis, asymmetric information.
CONTENT
1. Introduction to Economics 1.1. Economics as a social science.
1.2. Economic systems from efficieny and equity perspective.
1.3. Introduction to economics models: The production possibility frontier and the opportunity cost.
1.4. Absolute and Comparative advantage.
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2. Introduction to competitive markets 2.1. Demand, supply and the market equilibrium.
2.2. The market demand and its main determinants.
2.3. The market supply and its main determinants.
2.4. Elasticities.
2.5. Understanding and predicting the effects of changing markets conditions.
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3. The analysis of competitive markets 2.1. Demand, supply and the market equilibrium.
2.2. The market demand and its main determinants.
2.3. The market supply and its main determinants.
2.4. Elasticities.
2.5. Understanding and predicting the effects of changing markets conditions.
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4. Government intervention in markets 4.1. Introduction to welfare analysis and market failure.
4.2. Taxes and subsidies
4.3. Price regulation
4.4. Market intervention in the Housing Market.
4.5. Market intervention in the Labour Market.
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5. Market failure and non competitive markets 1. Monopoly and market power.
2. Externalities.
3. Introduction to asymmetric information |
Relation between Activities and Contents
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| Final exam |
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| Midterm exam |
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| Class participation |
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| Class activities |
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Methodology
The methodology used in class includes:
1) Lectures. In lectures the professor will introduce new concepts, quite often students will be asked to see a video and/or complete a reading before the lecture. Lectures are very dynamic and they request constant participation from students, their participation will be assess and it is part of the grading.
2) Cases discussion: Students will analyze real information using data, graphs and text about specific markets ( including labour market reforms, housing market and regulation alternatives) with further class discussion.
3)Numerical exercises: Numerical exercises will help students to familiarize with the use of mathematical models in Economics
ASSESSMENT
ASSESSMENT BREAKDOWN
| Description |
% |
| Final exam |
40 |
| Midterm exam |
25 |
| Class participation |
15 |
| Class activities |
20 |
Assessment criteria
The student assessment is based on measuring students capacity to:
1) Analyze a market situation, including market changes or markets in which a government has intervened, and communicate in an effective way the conclusions of this analysis.
2) Solve numerical problems that summarize a market structure finding out the market equilibrium.
3) Analyze a text or a graph that represent economic information.
4) To discuss the limits and flaws of simple economic models
Students have the right to attend the final exam if the attendance has reached a minimum of 80%, for the resit exam the requirement is a 50%
According to the Law Faculty regulation students must attend at least 80% of the session to have the right to take the exam, in order to be able to take the retake exam attendance must be at least 50%.
Bibliography
There are many introductory books to Microeconomics, any book covering the syllabus can be useful, some books have a more mathematical approach, whereas others use an approach more based in discussing concepts. Two bookscommonly recomended at European an United States Universities are:
Microeconomics / Robert S. Pindyck, Daniel L. Rubinfeld (Pearson)
Microeconomics / Paul Krugman, Robin Wells (Worth Publishers)
Timetable and sections
| Group |
Teacher |
Department |
| Year 1 |
Juan Pedro Aznar Alarcón |
Economía, Finanzas y Contabilidad |
Timetable Year 1
From 2022/9/8 to 2022/11/24:
Each Monday from 8:30 to 10:30. (Except: 2022/9/26)
Each Thursday from 11:30 to 13:30.
Tuesday 2022/11/15 from 18:00 to 19:30.
From 2022/12/7 to 2022/12/13:
Each Tuesday from 9:15 to 12:30.
Each Tuesday from 12:30 to 13:15.
Each Wednesday from 16:00 to 17:00.
Monday2023/2/6:
From 9:15 to 12:30.
From 12:30 to 13:15.
