1. General information
Course:
INTRODUCTION TO ECONOMICS
Code:
67304
Type:
CORE COURSE
ECTS credits:
9
Degree:
408 - GRADO EN TURISMO
Academic year:
2023-24
Center:
401 - FACULTY OF SOCIAL SCIENCES OF CUENCA
Group(s):
30
Year:
1
Duration:
AN
Main language:
Spanish
Second language:
English
Use of additional languages:
English Friendly:
Y
Web site:
Bilingual:
N
Lecturer:
FERNANDO BERMEJO PATON
- Group(s):
30
Building/Office
Department
Phone number
Email
Office hours
Gil de Albornoz, 3.17
ANÁLISIS ECONÓMICO Y FINANZAS
4214
fernando.bermejo@uclm.es
First quarter -
Monday: 11:00-12:30 and 17:00-19:30;
Tuesday: 9:00-11:00;
Second quarter -
Monday: 7:00-19:00;
Tuesday: 11:00-13:00;
Wednesday: 11:00-13:00.
Lecturer:
ELADIO FEBRERO PAÑOS
- Group(s):
30
Building/Office
Department
Phone number
Email
Office hours
Gil de Albornoz, 3.16
ANÁLISIS ECONÓMICO Y FINANZAS
4219
eladio.febrero@uclm.es
2. Pre-Requisites
Not established
3. Justification in the curriculum, relation to other subjects and to the profession
This subject belongs to the Economic Analysis module, formally within the subject “Microeconomics”.
It last for two semesters in the first Business year. It introduces to the student to the fundamental topics and methods in economic analysis, and it also provides with several basic concepts and tools that will be used in other teaching areas, such us economic politic and Spanish economy. The topics introduced in this subject will be continued and deepened in the subjects of “Intermediate Microeconomics” (first semester in 2nd course) and “Intermediate Macroeconomics” (first semester in 3rd course).
The subject allows to understand how market economy operates. In the first part, “Introduction to Microeconomics” focuses on the role of prices as signals to orientate resources allocation, and models aimed to determine prices in the two referential
market structures: competence and monopoly. The second part, “Introduction to Macroeconomics”, analyses the main macroeconomic concepts such as production and employment, inflation, economy as a whole and the role of the financial system in modern economies. In addition, it will contribute to the general aim of “thinking as an economist”, focusing on how individuals and societies take their decisions with reference to alternative uses for resources, using for that all the economic analysis tools. Finally, this subject will help the student to know and deal with a robust set of tools and concepts that are common heritage in economy as discipline and profession: equilibrium and interdependence, markets, demand and supply (aggregate and disaggregate), costs, elasticities, economic cycles, national accounting, macroaggregates, exchange rate, etc.
Both for the Business degree and for the professional career of the students it is essential to possess a robust body of knowledge that allows to understand the economic context of the professional activity at which our students finally work both in relationship to economic agents behaviour and to the behaviour of main macroeconomic variables, since both are necessary for the development of economic policies, as well as the understanding of the economic reality that the firm and the professional face. This prepares the student for the higher specialization nowadays required by the social, labour and academic spheres.
The concepts and instruments that are learnt in this subject could also be used to build the framework for the Final Degree Essay.
4. Degree competences achieved in this course
| Course competences | |
|---|---|
| Code | Description |
| CB01 | Prove that they have acquired and understood knowledge in a subject area that derives from general secondary education and is appropriate to a level based on advanced course books, and includes updated and cutting-edge aspects of their field of knowledge. |
| CB02 | Apply their knowledge to their job or vocation in a professional manner and show that they have the competences to construct and justify arguments and solve problems within their subject area. |
| CB03 | Be able to gather and process relevant information (usually within their subject area) to give opinions, including reflections on relevant social, scientific or ethical issues. |
| CB04 | Transmit information, ideas, problems and solutions for both specialist and non-specialist audiences. |
| CB05 | Have developed the necessary learning abilities to carry on studying autonomously |
| CE01 | Understanding of the principles of tourism: spatial, social, cultural, legal, political, labor and economic dimensions. |
| CE02 | Understanding of the dynamic and evolving nature of tourism and the new leisure society. |
| CE03 | Knowledge of the main political-administrative structures for tourism and their environment. |
| CE06 | Identify the main public and private agents involved in the construction of the tourism market. |
| CE07 | Discriminate tourism potentials and prospectively analyze their exploitation. |
| CE18 | Identify the impacts generated by tourism. |
| CG01 | Ability to work in disciplinary and multidisciplinary teams, in a national and international context, in the area of Tourism. |
| CG03 | Knowledge and sensitivity to cultural diversity and environmental issues in the area of tourism. |
| CG07 | Capacity for continuous, self-directed and autonomous learning in tourism. |
| CG08 | Creativity, initiative and entrepreneurship in tourism |
| CT01 | Knowledge of ICT as tools in the management, promotion and marketing of companies and institutions in the tourism industry, both internally and externally. |
| CT02 | Oral and written communication skills. |
| CT03 | Knowledge of ethical commitment and professional deontology. |
5. Objectives or Learning Outcomes
| Course learning outcomes | |
|---|---|
| Description | |
| Listen, negotiate, persuade and defend arguments oral and writing | |
| Search, analysis, interpretation, synthesis and transmission of information. | |
| Knowledge of the models and techniques for analyzing the economic and legal environment that companies are currently facing, with special attention to the search for opportunities and anticipation of future changes. | |
| Additional outcomes | |
| Description | |
| 1. To define issues studied by economics, what an economic theory is and to distinguish basic micro and macroeconomic topics. 2. Relate technology and production techniques with costs. 3. Enumerate the demand determinants and plot graphically the demand function as a relationship between quantity and price. 4. To define and calculate different types of elasticity (price, income and cross) form demand function in order to classify types of goods. 5. Calculate a good's market equilibrium as the point where demand and supply are equal, and the shifts of curves. 6. Calculate equilibrium in a perfect competition market as the price- marginal cost equality. 7. Calculate equilibrium in a monopoly market as the marginal revenue- marginal cost equality. 8. Describe the characteristics of an oligopoly market and distinguish it from perfect competition and monopoly markets. 9. Represent identities and fluxes in the economic circuit scheme and the sequence of balances. 10. Calculate macroeconomic equilibrium (on terms of production and employment) in a close and private economy, the income-expenditure model and the multiplier. 11. Calculate macroeconomic equilibrium (on terms of production and employment, public and foreign balances) in an open economy with public sector. 12. Explain the relationship between income growth and employment, differentiating among different types of unemployment. 13. To define inflation and its effects on the economy according to its causes. 14. To identify the factors behind general price levels, interest rates and exchange rates changes, together with the effect of those on economic activity. 15. To use of ICT to obtain and spread of the subject information and contents. 16. To achieve an adequate level in written and oral presentation of essays, with special attention to scientific forms and basic structure (transferable generic competence). 17. To apply the team work basic principles and roles in a small group (3 to 5 persons) (transferable generic competence). |
|
6. Units / Contents
-
Unit 1: General Introduction
-
Unit 2: Production and costs
-
Unit 3: Demand and elasticity
-
Unit 4: Competitive markets equilibrium
-
Unit 5: Monopolist markets equilibrium
-
Unit 6: Micreconomics complements
-
Unit 7: Economic aggregates, accounting identities and macroeconomic equilibrium conditions
-
Unit 8: Macroeconomic equilibrium income=expenditure in a close and private economy
-
Unit 9: Macroeconomic equilibrium in an open economy with public sector
-
Unit 10: Employment, wages and prices general level
-
Unit 11: Money and interest rate
-
Unit 12: Macroeconomics complements
7. Activities, Units/Modules and Methodology
| Training Activity | Methodology | Related Competences (only degrees before RD 822/2021) | ECTS | Hours | As | Com | Description | |
| Class Attendance (theory) [ON-SITE] | Lectures | CB01 CB02 CB03 CB04 CB05 CE01 CE02 CE03 CE06 CE07 CE18 CG01 CG03 CG07 CT01 CT02 CT03 | 1.25 | 31.25 | N | N | Theoretical class attendance, mainly expository but can also include cooperative and guided work. | |
| Class Attendance (practical) [ON-SITE] | Combination of methods | CB01 CB02 CB03 CB04 CB05 CE01 CE02 CE03 CE06 CE07 CE18 CG03 CG07 CG08 CT01 CT02 CT03 | 0.75 | 18.75 | Y | N | Practice class attendance with exercises, debates, and/or cooperative work, seminars | |
| Writing of reports or projects [OFF-SITE] | Combination of methods | CB01 CB03 CB04 CB05 CE01 CE02 CE03 CE06 CE07 CE18 CG01 CG03 CG07 CT01 CT02 CT03 | 0.5 | 12.5 | Y | N | Group work on the evolution of macroeconomic variables, case studies. Includes tutoring, oral and/or written presentations. | |
| Study and Exam Preparation [OFF-SITE] | Self-study | CB02 CB03 CB05 CE01 CE02 CE06 CE07 CE18 CG01 CG07 CT01 CT02 | 1.6 | 40 | N | N | Autonomous study work for practice preparation and other activities. Includes reading articles, data research, etc. | |
| Individual tutoring sessions [ON-SITE] | Combination of methods | CB01 CB02 CB03 CB04 CE03 CE06 CE07 CE18 CG01 CG07 CT01 CT02 | 0.28 | 7 | Y | N | Office hours | |
| Writing of reports or projects [OFF-SITE] | Group Work | CB01 CB02 CB03 CB04 CB05 CE03 CE06 CE07 CE18 CG01 CG07 CT01 CT02 | 0.75 | 18.75 | Y | N | Group work on the evolution of macroeconomic variables, case studies. Includes tutoring, oral and/or written presentations. | |
| Study and Exam Preparation [OFF-SITE] | Self-study | CB01 CB02 CB03 CE03 CE06 CE18 CG07 CT01 CT02 | 0.75 | 18.75 | N | N | Preparation for the final test | |
| Final test [ON-SITE] | Assessment tests | CB01 CB02 CB03 CB04 CB05 CE01 CE03 CE06 CE07 CE18 CG07 CT02 | 0.12 | 3 | Y | Y | Final test | |
| Total: | 6 | 150 | ||||||
| Total credits of in-class work: 2.4 | Total class time hours: 60 | |||||||
| Total credits of out of class work: 3.6 | Total hours of out of class work: 90 | |||||||
As: Assessable training activity Com: Training activity of compulsory overcoming (It will be essential to overcome both continuous and non-continuous assessment).
8. Evaluation criteria and Grading System
| Evaluation System | Continuous assessment | Non-continuous evaluation * | Description |
| Portfolio assessment | 20.00% | 0.00% | Individual practices, group work, reviews, etc. Participation in class activities and practices, seminars, debates, tutorials, etc. |
| Final test | 70.00% | 100.00% | Final test, with a theoretical and practical component (may include short questions, essay questions, and exercises). It may include partial exams. |
| Assessment of active participation | 10.00% | 0.00% | Active class participation. Not recoverable. |
| Total: | 100.00% | 100.00% |
According to art. 4 of the UCLM Student Evaluation Regulations, it must be provided to students who cannot regularly attend face-to-face training activities the passing of the subject, having the right (art. 12.2) to be globally graded, in 2 annual calls per subject , an ordinary and an extraordinary one (evaluating 100% of the competences).
Evaluation criteria for the final exam:
-
Continuous assessment:Continuous evaluation considers:
a) Submissions quality and quantity: a minimum of submissions is required with its requisites.
b) Active assistance at theoretical sessions, applied sessions, seminars, tutorials, Active participation through exercises resolution, questions, debates and tutorials.
c) Final objective exam. It is necessary to achieve a minimum of 4 (over 10). The final exam includes short questions, essay questions, numerical exercises and practical applications.
The course follows an evaluation system based on the assessment of various training activities and an exam. Students are required to obtain a 4 (out of 10) in the final exam to allow the consideration of the Continuous evaluation activities.
Those students who wish to be assessed using the Non-continuous assessment criteria, despite having carried out assessable activities, must inform the teacher before the end of the class period.
Final calification between 0 and 10, according to RD 1125/2003.
Regarding the evaluation in case of illness or other particular circumstances (extenuating rules), see article 7 of the Student Evaluation Regulations of the University of Castilla-La Mancha. -
Non-continuous evaluation:Those students who opt for non-continuous evaluation must communicate it before the end of the class period following the mechanism established by the teacher.
The evaluation will be carried out with a final exam that will include those specific parts necessary to evaluate all the competences of the subject.
Regarding the evaluation in case of illness or other special circumstances (extenuating rules), see article 7 of the Student Evaluation Regulations of the University of Castilla-La Mancha.
Specifications for the resit/retake exam:
Those students that did not passed the final exam could retake those activities considered recoverable (portfolio, final exam, recensions,...) with the similar criteria and minimum.
Specifications for the second resit / retake exam:
In the special final assessment, the final written exam will account for 100% of the final grade, being necessary to pass the course a minimum score of 5 out of 10
9. Assignments, course calendar and important dates
| Not related to the syllabus/contents | |
|---|---|
| Hours | hours |
| Class Attendance (theory) [PRESENCIAL][Lectures] | 50 |
| Class Attendance (practical) [PRESENCIAL][Combination of methods] | 25 |
| Writing of reports or projects [AUTÓNOMA][Combination of methods] | 15 |
| Study and Exam Preparation [AUTÓNOMA][Self-study] | 58 |
| Individual tutoring sessions [PRESENCIAL][Combination of methods] | 2 |
| Writing of reports or projects [AUTÓNOMA][Group Work] | 37.5 |
| Study and Exam Preparation [AUTÓNOMA][Self-study] | 34.5 |
| Final test [PRESENCIAL][Assessment tests] | 3 |
| Global activity | |
|---|---|
| Activities | hours |
10. Bibliography and Sources