introduction to economics

Code: 363649/360209
1. Economic activity. Economics as a social science. Production factors. Economic
systems. Economic agents. Circular flow of income. Specialization and
exchange. The frontier of production possibilities. The cost of opportunity.
Microeconomics and macroeconomics.
2. Supply and demand. Production and cost. Supply and demand: Movements and
displacements. Individual and market supply and demand. The concept of
3. Markets. Partial balance. Market forces. Imbalance. Maximum and minimum
prices. Balance displacements. Perfect competition markets. Imperfect
competition markets. Market errors. Market factors of production.
4. National macroeconomic magnitudes and their interpretation. Macroeconomic
approach to the functioning of an economy. Macroeconomic objectives.
National accounts: Gross Domestic Product (GDP) and Gross National Product
(GNP). GDP, real and nominal. The deflation calculation of the GDP.
5. Inflation, unemployment, economic fluctuations. Inflation-deflation.
Compilation of the Consumer Price Index (CPI). Other price indexes. Causes of
inflation. Unemployment and types. Unemployment and activity rates.
Economic fluctuations.
6. Public intervention in economy. The role of the public sector in economy. The
public budget: expenditure and revenue. Tax policy. Deficit and public debt.
7. Financial economy. Money: Origins, characteristics, functions and classes.
Money offer and monetary aggregates. The financial system. Central Bank and
monetary policy.
8. International economy. International trade. Balance of payments and
interpretation of the sub-balances. Foreign exchange markets and exchange rate
systems. Globalization and economic integration. Economic growth and
HORTALÀ, J. (2008): Teoria econòmica : microeconomia. Barcelona : Vicens
HORTALÀ, J. ( 2010): Teoria econòmica : macroeconomia". Barcelona : Vicens Vives.
KRUGMAN, P.; WELLS, M.; OLNEY, L. (2012): Fundamentos de economía. 2ª Edición. Barcelona : Reverté.
MANKIW, G. (2012): Principios de economía. 6ª edición. Madrid: Paraninfo.
TUGORES, J. et al. (2011): Economia. Barcelona : Vicens Vives.
CREDITS: 3 credits
CLASS CONTACT HOURS: three hours weekly
EXAMINATIONS: Continuous evaluation (grade based on periodical exercises,
assignments and papers) or based on the grade received in a midterm exam, a final
LANGUAGE: English. The same course is also offered in Spanish.