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Introduction to Economics 2017/2018

  • 5 ECTS
  • Taught in Portuguese
  • Continuous Assessment

Objectives

At the end of this Curricular Unit, students should be able to:

Describe the main concepts related with the economic science and the functioning of Mixed Economies.

Describe the basic notions of market functioning in perfect competition, as well as the consequences of State intervention in markets.

Describe the purpose of macroeconomics, the actual measurement of economic activity and the main relevant variables to the macroeconomist.

Recommended Prerequisites

None

Teaching Metodology

Expositive Method
Questioning Method
Flipped Classroom Method

Body of Work

1. Basic Principles of Economics
1.1 Pillars of Economics
1.2 Efficiency and Production Possibilities Frontier
1.3 Mixed Economies: Market and Government

2. Microeconomics
2.1 Law of Demand and Demand Curve
2.2 Law of Supply and Supply Curve
2.3 Market equilibrium and Social Welfare
2.4 Elasticities
2.5 State Intervention – Taxes, Subsidies and Price Fixing.

3. Macroeconomics
3.1 Macroeconomics and Measurement of the Economic Activity
3.2 Price Indexes and Inflation
3.3 Economic Cycles and the Keynesian Multiplier

Recommended Bibliography

Samuelson, Paul e Nordhaus, William. (2009) Economics. McGraw-Hill Education; 19th edition.

Complementary Bibliography

Mankiw, N. Gregory (2012), Principles of Economics. Cengage Learning; 6th edition.

Weekly Planning

1.

Introduction
1.1 Pillars of Economics

2.

1.2 Efficiency and Production Possibilities Frontier

3.

1.2 Efficiency and Production Possibilities Frontier (Cont.)

4.

1.3 Mixed Economies: Market and Government


5.

2.1 Law of Demand and Demand Curve
2.2 Law of Supply and Supply Curve

6.

2.3 Market equilibrium and Social Welfare

7.

2.4 Elasticities

8.

2.5 State Intervention – Taxes, Subsidies and Price Fixing.

9.

Revision of concepts for the first test.
First Test of the continuous evaluation program

10.

3.1 Macroeconomics and Measurement of the Economic Activity

11.

3.2 Price Indexes and Inflation

12.

3.2 Price Indexes and Inflation (Cont.)

13.

3.3 Economic Cycles and the Keynesian Multiplier

14.

3.3 Economic Cycles and the Keynesian Multiplier (cont.)

15.
Revision of concepts for the second test.
Second Test of the continuous evaluation program

Demonstration of the syllabus coherence with the curricular unit's objectives

The syllabus was drawn to attend to the Curricular unit’s objectives. The first objective is attained through the explanation of the contents in Chapter 1. Similarly, the second objective is explained using the contents in Chapter 2. The prossecution of the third objective is satisfied through the contents lectured in Chapter 3.

Demonstration of the teaching methodologies coherence with the curricular unit's objectives

With the expositive method the goal is to give a first explanation of the contents. Given the applicability of the contents to practical exercises and to the “real world”, with the questioning methodology the teacher is able to understand whether the student met the objectives while the contents are explained. With the Flipped Classroom Methodology, the teacher will ask students at the end of each chapter, through the online platform kahoot, the answers for multiple choice questions, with the students with correct answers explaining their choices to the rest of the class.

relevant generic skillimproved?assessed?
Achieving practical application of theoretical knowledgeYesYes
Analytical and synthetic skillsYesYes
Balanced decision makingYesYes
Commitment to effectivenessYesYes
Commitment to qualityYesYes
Problem Analysis and AssessmentYesYes
Problem-solvingYesYes
Research skillsYesYes
Self-assessmentYesYes
Written and verbal communications skillsYesYes
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