The subject Introduction to Economics I: Principles of Microeconomics introduces the student to one of the two different parts comprising Economic Theory (Microeconomics and Macroeconomics). It takes place during the first quarter of the first course, starting the descriptive and analytical vision that will follow in the second quarter in the subject Introduction to Economics II: Principles of Macroeconomics. The subject provides the student with the concepts and analytical tools necessary to continue afterwards studying economic fundamentals.

Introduction to Economics I: Principles of Microeconomics will introduce students to major current economic problems from the point of view of individual agents decision making. Specifically, we explain the main determinants of the behavior of firms and that of individuals, how they make their decisions, how exchanges are established, the main ways in which markets are organized and how public intervention is outlined in them.

An “Introduction to microeconomics” subject requires a basic knowledge of mathematics, such as the ability to solve equations, differential analysis and so on, which is needed to carry out the mathematical calculations used in the course. In the following years the mathematical apparatus will be very important.

SKILLS:

*Ability to summarize and synthesize.

*Ability to learn.

*Ability to develop work individually.

*Ability to critiquize and self-critique.

*Ability to put into practice the concepts.

*Ability to write.



Specific Competences

* Ability to carry out microeconomic analysis corresponding to an introductory level.

* Ability to implement microeconomic theory regarding individual choice and demand, as well as production, costs and supply.

* Ability to handle the usual concepts and techniques of microeconomic theory.

* Ability to understand the behaviour of microeconomic phenomena.

* Ability to use new technologies to obtain relevant and necessary information for the understanding of microeconomic phenomena.

* Ability to search and select the necessary information in the microeconomic field.



LEARNING OUTCOMES:

* To learn the basic ideas of current microeconomics, following an intuitive, graphic and analytical reasoning.

* To assimilate a set of concepts and tools of analysis, common to different subjects corresponding to the different degrees, such as supply, demand, elasticity, marginal analysis, or equilibrium.

* To be able to analyze the economic theory of production and the supply of goods, introducing the maximization of profit as the main goal of the company.

* To understand the perfect competition model as well as some of its applications, which will allow students to study in subsequent courses the models of imperfect competition (e. g. monopoly, oligopoly).

* To be able to link theory and practice, utilizing exercises and practical applications that encourage the ability to analyze.

* To assess the effects of some market regulations (maximum prices, minimum prices,…).

* To be able to solve problems efficiently and proactively.

* To be able to find an economic interpretation for mathematical results.



EDUCATION FOR SUSTAINABLE DEVELOPMENT-SUSTAINABLE DEVELOPMENT OBJECTIVES (SDO)

The transversal competences for sustainability are also worked on based on the achievement of cognitive, socio-emotional and behavioral learning objectives. Those competences, objectives and particular results are described in the corresponding student guides. The assessment of these learning outcomes is included in the continuous assessment context.



ETHICAL COMMITMENT:

The professors who teach the subject favour the application of good practices, promoting the students’ awareness of any ethical aspect of academic activity, both in their attitude inside the classroom and in the realization of the different (individual or collective) tasks developed throughout the subject.

Section 1: Introduction. Opportunity Cost, Production Possibilities Frontier and Trade.



Section 2: Production and supply.



Section 3: Consumer choice and demand.



Section 4: The market and its applications.

Teaching methodology comprises a series of different types of lessons generally established for the Faculty: magisterial lessons, practical lessons and seminars.

The aim of these lessons is the acquisition of theoretical concepts which should be understood to be then put into practice. Student is expected, not to memorize but to be able to analyze. During the lessons, students may make some questions regarding the exercises they are expected to solve. Additionally, during these lessons new exercises are given to be solved in situ and evaluate to which extent the student has understood the subject.

• Continuous Assessment System
• Final Assessment System
• Tools and qualification percentages:
  • Written test to be taken (%): 60
  • Extended written exam Multiple choice exam (%): 40

ORDINARY CALL (ORIENTATIONS AND RESIGNATION)

CONTINUOUS EVALUATION SYSTEM

Continuous assessment provides 40% of the final grade. It consists of a 4-point first exam that must be passed (2 points out of 4). Passing the first exam will allow to remove the assessed matter from the final exam. The final (second) exam provides the remaining 60%, and in order to sum its grade to the first "continuous assessment" exam it is required to reach a minimum grade of 33.33% over the total value of it (2 points out of 6).

A final grade of 5 points out of 10 is required to pass the subject.

Students who do not sit the final exam will be considered not "presented".



WAIVER OF THE CONTINUOUS ASSESSMENT SYSTEM

The waiver of the continuous assessment system will be presented in the officially required document, and will be delivered to the teacher of the group to which the student belongs, during the first TEN weeks of the semester, from the beginning of the semester according to the academic calendar of the Faculty, as established in article 8 point 3 of the regulations governing the assessment of students in official Bachelor degrees (BOPV No. 50, Monday, March 13, 2017).



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egitea#Evaluaci%C3%B3nFinalyRenu5



NON-CONTINUOUS EVALUATION SYSTEM

Students who either fail the first exam or waive continuous assessment will sit a final 100% exam made up of two parts, with an assessment of 40% and 60% respectively. In each part, students must reach a minimum mark of 33, 33% over them entire grade to ensure the acquisition of competences as well as to certify the achievement of the subject’s learning outcomes.

A final grade of 5 points out of 10 is required to pass the subject.

All students take a single exam that provides 100% of the grade of the subject, where the student must prove he/she has acquired the different competences of the subject through the resolution of numerical problems, theoretical questions, etc.

The final exam is made up of two parts, with an assessment of 40% and 60% respectively. In each part, students must reach a minimum mark of 33, 33% over the entire grade to ensure the acquisition of competences as well as to certify the achievement of the subject ;s learning outcomes.

Continuous evaluation is not saved



Minimum Grade to pass: 5 points

- Krugman, P. y Wells, R. (2021): Essentials of Economics. 4ª edición. Worth publishers.

- Blanco, J.M. (2014): Economía. Teoría y Práctica. 6ª Edición. Madrid: Editorial McGraw-Hill.

Basic bibliography

- Krugman, P. y Wells, R. (2021): Essentials of Economics. 4ª edición. Worth publishers.



- Blanco, J.M. (2014): Economía. Teoría y Práctica. 6ª Edición. Madrid: Editorial McGraw-Hill.



- Mankiw, N.G. (2012): Principles of Microeconomics. 6ª edición

In-depth bibliography

- Perloff, J.M. (2004): Microeconomics. 3ª Edición. Madrid: Editorial Pearson.

- Mankiw, N.G. (2012): Principles of Microeconomics. 6ª edición

- Pindyck, Robert S., Daniel L. Rubinfeld (2016). Microeconomia, 9a ed.

Journals

- American Economic Journal: Microeconomics.
- Cuadernos de Economía.
- Ekonomiaz.
- European Research on Management and Business EconomicsOpen Access.
- Lecturas de Economía.
- Revista de Economía Aplicada.

Web addresses

- Banco central Europeo: https://www.ecb.europa.eu/ecb/html/index.es.html
- Eustat: http://www.eustat.eus/indice.html
- Eurostat: https://ec.europa.eu/eurostat/home?
- Instituto Nacional de Estadística: https://www.ine.es/