UMH - INTRODUCTION TO ECONOMICS

Contents

INTRODUCTION TO ECONOMICS

Course

Code: 4170

Degree: Dual Bachelor's in Law and Business Administration and Management

Faculty of Social and Legal Sciences of Elche

Year: Year 1 of Dual Bachelor's in Law and Business Administration and Management

Semester: Spring

Type: Core

Language: Spanish

ECTS credits: 6

Lecture: 3

Laboratory: 3

Hours: 150

Directed: 60

Shared: 30

Autonomous: 60

Department: Economics and Financial Studies

Area: APPLIED ECONOMICS

Course instructors are responsible for the course content descriptions in English.

Description

Fundamentals of the political economy and treasury. Economic analysis of law. Microeconomics: markets and balance. Types of markets. Economic efficiency. Macroeconomics: determination of aggregate income. Role of the public sector and fiscal policy. Money and monetary policy.

Faculty

Name	Coordinator	Lecture	Laboratory
ESCOLANO ASENSI, CARMEN VICTORIA	■	■	■
DOMENECH SÁNCHEZ, RAFAEL CARLOS	■	■	■

Professional interest

The subject is aimed to offer the students a wide range of basic concepts and tools that will improve their knowledge about how markets and economic institutions work. Moreover, the students will be provided with a solid foundation in economics in order to incorporate the specialized knowledge and the skills coming from other subjects taught throughout the degree.

Competencies and learning outcomes

General competencies

Capacity to identify, interpret, formulate, and resolve problems and situations.
Ability to use the tools and instruments needed to properly observe the systems under study.
Capacity for planning, organizing, directing, and controlling systems and processes within a framework that guarantees respect for values, rights and basic principles of the legal system, business competitiveness, protection and conservation of the environment, and sustainable development.
Skills for the efficient application of tools that lead to resolving problems.
Capability for developing new lines, processes, projects, and products.
Critical and analytical skills
Capacity to evaluate, optimize, and compare criteria in decision making.
Ability to communicate in formal, graphic, and symbolic styles, as well as with oral and written forms of expression.
Ability to work with multidisciplinary and multicultural teams.
Ability to update knowledge.
Capacity to consolidate, expand, and integrate knowledge.
Disposition of methodologies and efficient self-learning skills for adapting to and updating new skills and scientific advances, as well as to changing needs in order to adopt an aptitude for innovation and creativity in the profession.

Specific competencies

Acquire the basic knowledge about the theoretical principals and tools of economics and be able to reason in economic terms.
Be capable of finding and managing economic information.

Objectives (Learning outcomes)

01Be able to analyse the behaviour of economic units and the relationships amongst them.
02Be able to describe the basic foundations of economy and how market mechanism works in coordinating economic decisions.
03Identify and understand the main market structures and their effects on economic efficiency.
04Recognise the main reasons for market regulation and the effects of regulations on markets performance.
05Identify market failures and understand the foundations of public sector interventions in order to prevent them.
06Be able to analyse the decisions of the firm as the main actor in charge of production activities.
07Be able to analyse the whole economic system operation on the basis of the main macroeconomic aggregates and their relationships, as they are described in national accounts.
08Be able to operate with statistical sources and infer conclusions from the analysis.
09Recognise and understand the main instruments of fiscal policy and their effects on economic activity.
010Recognise the role of financial system as the basic articulating mechanism between saving and investment.
011Identify the role of money in a market economy and the role of central banks in the monetary policy implementation.
012Be able to identify and compute the relationships between population and labour market, paying special attention to the unemployment.
013Be able to analyse the reasons behind the international trade, the economics of protectionism and economic integration processes.

Teaching units

Association between objectives and units

Objective/Unit	U1	U2	U3	U4	U5	U6	U7	U8	U9	U10
01
02
03
04
05
06
07
08
09
010
011
012
013

Schedule

Week	Teaching units	Directed hours	Shared hours	Autonomous hours	Total hours
1		4	2	4	10
2	U2	4	2	4	10
3	U2	4	2	4	10
4	U3	4	2	4	10
5	U4	4	2	4	10
6	U4	4	2	4	10
7	U5	4	2	4	10
8	U5	4	2	4	10
9	U6	4	2	4	10
10	U7	4	2	4	10
11	U8	4	2	4	10
12	U8	4	2	4	10
13	U9	4	2	4	10
14	U10	4	2	4	10
15		4	2	4	10

Basic bibliography

Methodology and grading

Methodology

Problem-based learning: Develop active learning strategies through problem solving that promote thinking, experimentation, and decision making in the student.
Solving exercises and problems: Exercise, test, and apply previous knowledge through routine repetition.

Grading

The assessment of the course comprises of a final examination and course work.
a) Coursework: (40%). Consisting of:
- In-class activities (10%).
- Two mid-semester assessment exercises on micro and macroeconomics (30%).
Students unable to get a passing score in coursework will have to take take a resit practice examination that will be held after finishing the final examination in June.
b) Final examination: (60%). Final exams will be held in June, September and December.

Final grade will be calculated as follows GRADE=0.4*Coursework score + 0.6* Final examination score. Students must get the minimun passing score of 4 points in the final examination.

Assessment test characteristics

PRUEBA FINAL

Duración prevista 1h 15’
24 cuestiones de test sobre los contenidos teóricos y prácticos de los temas 1 a 10.

PRUEBA DE RECUPERACIÓN DE EVALUACIÓN CONTINUA (sólo convocatoria de junio)

Duración prevista 1h 15’
4 ejercicios prácticos de desarrollo

La prueba de recuperación se iniciará al acabar la prueba final para aquellos estudiantes que tengan que no la hayan superado.

Correction criteria

PRUEBA FINAL

- La prueba se evaluará según la fórmula:

Nota = ((número correctas - 0.33 * incorrectas) /24) *10

PRUEBA DE RECUPERACIÓN DE EVALUACIÓN CONTINUA

- Cada uno de los ejercicios prácticos se valora con un máximo de 2.5 puntos.

Additional requirements

- Bolígrafo, calculadora no programable o alfanumérica (basta con una calculadora sencilla), DNI o tarjeta universitaria
- No podrán realizar el examen quienes lleguen una vez iniciado éste.
- Los teléfonos móviles y relojes inteligentes deberán permanecer guardados durante el examen.

Students: INTRODUCTION TO ECONOMICS