The subject Economics is a basic subject of the 2nd year. It is part of the module called Basic Training. The objective of this subject is to introduce and familiarize the student with the language of economics and business. In particular, to study on the one hand the basic framework of economic analysis, both in its micro and macroeconomic aspects, providing a global vision of economic problems and on the other hand the basic framework of business.

The microeconomics part analyzes the behavior of economic agents (consumers and companies) and the different market structures. In macroeconomics, the main macroeconomic magnitudes, goods and money markets and economic relations with the outside world are studied.

In the basic business framework, the functions of the marketing, production, finance, human resources and quality departments are studied.

This course develops the competency “Adequate knowledge of the concept of the company, institutional and legal framework of the company. Organization and management of companies” of the module M01 of Basic Training.

After taking this course, students will achieve the following learning outcomes:

RA1. Understand the demand curve and supply curve. Distinguish between shifts in the demand and supply curves and movements along the demand and supply curves. To know the factors that cause such shifts.

RA2. Apply the idea of price elasticity of demand to reality. To understand how the greater or lesser elasticity of demand influences the income of companies.

RA3. Differentiate between fixed and variable costs, as well as average and marginal costs.

RA4. Distinguish between competitive and non-competitive markets, apply the optimal rule for profit maximization and know at what price it is not convenient for the company to remain in the market in the short term.

RA5.Understand and distinguish the different macroeconomic magnitudes.

RA6. Understand the concepts of aggregate price level (CPI and GDP deflator), as well as the different employment indicators (labor force, unemployment rate).

RA7. Distinguish fiscal policy instruments and their effects.

RA8. To know the role of money, as well as to distinguish the main instruments of monetary policy.

RA9. Understand the determinants of international trade (comparative advantage) as well as the obstacles or barriers to international trade. Know the accounting (balance of payments) used for transactions between countries.

RA10. Know the basic functions of the departments of a company.

-History and theory of classical economics.

-Modern economic history and theory.

-The company, the market and other institutions.

-Accounting and indicators.

-The State and economic policies.

-Foreign trade.



CONTENT OF SEMINARS:



Seminars 1, 2, 3, 4 and 5: Introduction to accounting in the company.

Seminar 6: General aspects of the company.

Seminar 7: Quality in the company.

Seminar 8: Marketing.



COMPUTER PRACTICES:

Activities to develop in the informative classroom:

1. Access to the main economic databases: Eustat, INE, Eurostat, Data.worlbank.org.

2. Select and extract series of economic variables

3. Prepare a report (deliverable) on the behavior and relationships that occur between the observed economic variables.

The course consists of 6 ECTS credits, which means 150 hours of student work. The tasks to be performed by the students will be the following:



1- Face-to-face: 60 hours



Different teaching methodologies are used in this course.

The lecture mode will be used to briefly explain the basic theoretical concepts by the teacher and to interpret the results correctly.

Problem solving and other issues will be carried out in a participative way. Students will be provided with problems and exercises to be developed individually or in groups, which will allow them to deepen their practical knowledge of the subject. The formulation of questions and open discussion will be encouraged, so that students acquire skills related to oral communication, synthesis capacity and teamwork.

The Seminar is the selected option to introduce the student to business economics.

In the computer practices, students will have access to data banks and will use the Excel program and its complements to obtain conclusions and elaborate reports.



2- Non-attendance: 90 hours



In the event that health conditions prevent the realization of a face-to-face teaching activity and/or evaluation, a non-face-to-face modality will be activated, of which the students will be promptly informed.

• Final Assessment System
• Tools and qualification percentages:
  • Written test to be taken (%): 70
  • Multiple-Choice Test (%): 6
  • Realization of Practical Work (exercises, cases or problems) (%): 10
  • Team projects (problem solving, project design)) (%): 14

The continuous evaluation system will be used.



1. Tests to be taken during the training period.

- Test to be taken on the contents of seminars 6, 7 and 8 with 6%.

- Resolution of an accounting case (seminars 1,2,3,4 and 5) with 10%.

- A team work (deliverable) to be carried out during the computer sessions on the behavior and the behavior and relationships between the observed economic variables with 14%.



Students who do not pass the tests to be taken during the training period will have to retake them on the day of the final exam. The maximum grade that can be obtained during the training period is 3 points that will be added to the final grade.



Attendance to the seminars and computer practicals is compulsory.



2. Written test to be taken on the official date established for the exams.

This test will evaluate the knowledge acquired in the M (master classes) and PA (classroom practices).

The 70% of this weighted grade will be added to the final grade.

Given that this written test is weighted above 50%, not taking the test means that it will appear as NOT PRESENTED in the final grade.



In any case, students will have the right to be evaluated through the final evaluation system, regardless of whether or not they have participated in the continuous evaluation system. To do so, students must submit in writing to the faculty responsible for the subject the waiver of continuous assessment, for which they will have a period of 9 weeks from the beginning of the term, according to the academic calendar of the center.



The final evaluation system will consist of a final written exam containing 4 parts: theoretical content, practical exercises, knowledge of the seminars and computer practice.



Regarding the exam, students will only be allowed to use the following materials:

- Pen

- Non-programmable calculator

No use of mobile devices such as cell phones, smartwatches, tablets, etc. is authorized in the exams.



In the event that health conditions prevent the realization of a teaching activity and/or face-to-face evaluation, a non-face-to-face modality will be activated, of which students will be promptly informed.

The continuous evaluation system will be used.



1. Tests to be taken during the training period.

- Test to be taken on the contents of seminars 6, 7 and 8 with 6%.

- Resolution of an accounting case (seminars 1,2,3,4 and 5) with 10%.

- A team work (deliverable) to be carried out during the computer sessions on the behavior and the behavior and relationships between the observed economic variables with 14%.



Students who do not pass the tests to be taken during the training period will have to retake them on the day of the final exam. The maximum grade that can be obtained during the training period is 3 points that will be added to the final grade.



Attendance to the seminars and computer practicals is compulsory.



2. Written test to be taken on the official date established for the exams.

This test will evaluate the knowledge acquired in the M (master classes) and PA (classroom practices).

The 70% of this weighted grade will be added to the final grade.

Given that this written test is weighted above 50%, not taking the test means that it will appear as NOT PRESENTED in the final grade.



In any case, students will have the right to be evaluated through the final evaluation system, regardless of whether or not they have participated in the continuous evaluation system. To do so, students must submit in writing to the faculty responsible for the subject the waiver of continuous assessment, for which they will have a period of 9 weeks from the beginning of the term, according to the academic calendar of the center.



The final evaluation system will consist of a final written exam containing 4 parts: theoretical content, practical exercises, knowledge of the seminars and computer practice.



Regarding the exam, students will only be allowed to use the following materials:

- Pen

- Non-programmable calculator

No use of mobile devices such as cell phones, smartwatches, tablets, etc. is authorized in the exams.



In the event that health conditions prevent the realization of a teaching activity and/or face-to-face evaluation, a non-face-to-face modality will be activated, of which students will be promptly informed.

Apuntes

Duñaiturria, S (coord); Gestión de la empresa y comercio exterior. Cámaras vascas; 1992.

Centeno, R. Economía para ingenieros; Piramide; 1989.

Informes y anuarios económicos del Banco de España, Cajas de Ahorro etc.

Noticias de prensa y artículos

Estractos de textos originales de economistas relevantes (Milton Friedman; Jhon Maynard Keynes; Joseph Stiglitz; Adam Smith; David Ricardo; etc)

Basic bibliography

Blanchard, O. Macroeconomía. Pearson. Prentice Hall. 2006. 4ª Edición



Centeno, R. Economía para ingenieros; Piramide; 1989.



Fernandez, E; Junquera, B; Brío del, J.A; Iniciación a los negocios para ingenieros. Learning Paraninfo; 2008.



Duñaiturria, S (coord); Gestión de la empresa y comercio exterior. Cámaras vascas; 1992.



Daly, E and Farley, J. Ecological economics: principles and aplications. Island Press, 2003.



Galbraith, JK. Historia de la Economía; Ariel Sociedad Económica. 1998.



Mochón, F. Principios de Economía. McGraw Hill. 2001.



Pindiyck, R. y Rubinfeld, D. Microeconomía. Pearson. Prentice Hall. 2009. 7ª Edición



Samuelson, P; Nordhouse, W; Economía; MacGraw-Hill; Madrid; 2002.



Tamames, R. Estructura económica internacional; Alianza Universidad; 1985.



Tamames, R; Introducción a la economía española; Madrid Alianza. 1993.



Tamames, R; La economía española : de la transición a la unión monetaria. Temas de hoy. 1996



Wonnacott, P; Wonnacott, R; Economía. McGraw-Hill. 1979.

In-depth bibliography

Friedman, M; Friedman, R; Libertad de elegir. Grijalbo. 1980.

Keynes, J; The collected writings of John Maynard Keynes; Cambridge University Press; 1971.

Marx Karl; El capital : crítica de la economía política. Madrid. E.D.A.F. 2000

Ricardo, D; Principios de economía política y de tributación; Madrid. Seminarios y ediciones. 1973.

Smith, Adam; The wealth of nations. New York. Bantam Books. 2003.

Otros Textos originales de economistas relevantes

Web addresses

http://www.britannica.com/

"economics." Encyclopædia Britannica. 2009. Encyclopædia Britannica Online. 09 Feb. 2009 .

political economy. (2009). In Encyclopædia Britannica. Retrieved February 09, 2009, from Encyclopædia Britannica Online: http://www.britannica.com/EBchecked/topic/467600/political-economy
For a definition of "political economy", visit Merriam-Webster.

Páginas web de instituciones relevantes para el desarrollo de la asignatura, como por ejemplo: Fondo Monetario Internaciona, Banco Mundial etc.