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Grado en Turismo

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Introducción a la Economía

Código asignatura
GTURIS01-1-004
Curso
Primero
Temporalidad
Primer Semestre
Materia
Teoría Económica
Carácter
Formación Básica
Créditos
6
Pertenece al itinerario Bilingüe
Yes
Actividades
  • Tutorías Grupales (4 Hours)
  • Prácticas de Aula/Semina (14 Hours)
  • Clases Expositivas (35 Hours)
Guía docente

a. Bachelor’s Degree in Social Work

Introduction to Economics is a basic core subject (6 ECTS) which is taught in the first semester of the first year of the Bachelor’s Degree in Social Work.

This subject is part of the Applied Social Sciences module.

b. Bachelor’s Degree in Tourism

Introduction to Economics is a basic core subject (6 ECTS) which is taught in the first semester of the first year of the Bachelor’s Degree in Tourism.

This subject is part of the Economic Analysis module which is divided into two units:

Unit 1. Economic Theory which includes two subjects, Introduction to Economics (first year) and Microeconomics Applied to Tourism (second year)

Unit 2. Economics, which include an optional subject, Economic Analysis of Cultural Institutions and Events.

In both cases, the introductory and theoretical contents of this subject try to provide students with the basic knowledge to achieve a triple objective:

First, to be able to correctly use the basic language of economics, know the most relevant theories and concepts, understand how market economy works, know the main economic problems and achieve a better knowledge of the current society.

Second, to acquire a basic knowledge and a set of aptitudes which are essential to be able to successfully study not only the rest of the subjects included in this module but also those with an economic content included in other units which are part of the student’s training as a future manager of tourist companies or organizations.  

Finally, to acquire skills for economic reasoning and awareness of the potential of economic theory as an irreplaceable tool to make useful decisionsin any field related to personal or professional life.

Since all the students must fulfil the access requirements to the official university degrees established in the existing regulation, there is no additional compulsory requirement for those students interested in studying the subject of Introduction to Economics.

a. Bachelor’s Degree in Social Work

The basic objective of the contents and the teaching plan designed by the teaching staff is for the student to acquire the following basic and specific competences:

Basic competences:

CB1.  Ability for analysis and synthesis

CB2.  Ability for organization and planning

CB4.  Information management ability

CB5.  Creativity and initiative

CB6.  Problem-solving

CB7.  Decision-making

CB11. Knowledge and acknowledgement of diversity and multiculturality

CB12. Incorporation of gender perspective

CB13. Critical reasoning

CB14. Ethical commitment

CB15. Concern for social sustainability

Specific competences:

CE12. Design, implement and evaluate social intervention projects.

CE21. Participation in the management and the direction of social welfare entities.

Upon completion of the subject, students should be able to:

RA1: Understand how national economy works, dealing with the analysis of the production of goods and services and the distribution of production and generated wealth.

RA2: Understand  market and firm behavior.

RA3: Understand the financing of economic activity and the role of money and financial institutions.

RA4: Understand the contents of the economic policy and the role of the public sector.

RA5: Be able to participate in debates considering the effects of public policy on social agents.

RA14: Know and understand the main aspects of social conflict, its basis and factors as well as its process and means of resolution.

RA21: Be able to participate in talks and debates, using relevant information, defending own statements and making argument-based critics.

b. Bachelor’s Degree in Tourism

The basic objective of the contents and the teaching plan designed by the teaching staff is for the student to acquire the following general and specific competences:

General competences:

CG1.  Ability for analysis and synthesis

CG3.  Learning ability

CG4.  Knowledge and understanding of other languages, especially English

CG5.  Ability to independently.

CG8.  Problem-solving ability.

CG9.  Decision-making

CG14. Critical and self-critical ability

CG21. Concern for quality and good work

CG23. Integration of democratic values and the culture of peace in the working environment.

CG24. Integration of the principles of equal treatment and opportunities for men and women in the working environment.

CG25. Integration of the principles of equal opportunities and universal access for disabled people in the working environment.

Specific competences:

CE1. Understand the principles of tourism: its spatial, social, cultural, legal, political, labour and economic dimension.

CE2. Analyze the economic dimension of tourism.

CE5. Deal with a specific problem as a research issue and make conclusions.

CE7. Recognize the main tourist agents.

Upon completion of the subject, students should be able to:

RA1.1: Understand the main problem of scarcity and needs and their implications.

RA1.2: Know the different perfect and imperfect market structures, as well as market failures.

RA1.3: Know the characteristics of factor markets and how they work.

RA1.4: Identify and understand the main aggregates used to characterize the situation of an economy and understand the interrelations among different sectors and economic agents.

RA1.5: Understand the importance of monetary flows in a market economy.

RA1.6: Know how the main tools of macroeconomic policy work.

RA1.8: Discuss and assess the effects of public intervention.

RA1.9: Search, collect, handle and draw conclusions from economic information.

RA1.10: Assess the economic dimension of tourism on different levels.

According to the most widespread pedagogical tradition the subject contents, apart from an introductory topic, are divided into two clearly different parts: Microeconomics and Macroeconomics.

Microeconomics studies how individual agents make consumption and production decisions. It also analyzes how the different market structures work.

Macroeconomics deals with the determination of aggregate production, employment and prices in an economy, as well as with its economic relationships with the rest of the world and the effects of economic policy.

FIRST PART: INTRODUCTION

Topic 1. Economics: introduction

1.1 Scarcity and choice

1.2 Basic economic problems

1.3 Production possibility frontier

Reading material:

-    Krugman, P. Essentials of Economics. Chapters 1 and 2

-    Mochón, F. Economía. Teoría y Política. Chapter 2.

SECOND PART: MICROECONOMICS

Topic 2. Demand and supply theory

2.1 Determinants of demand

2.2 Determinants of supply

2.3 Shifts in demand or supply curves

2.4 Elasticities

Reading material:

-      Krugman, P. Essentials of Economics. Chapters 3 and 5  

 -     Mochón, F. Economía. Teoría y Política. Chapter 3 (3.1, 3.2, 3.3, 3.4 and 3.5) and chapter 4

Topic 3. The determination of market equilibrium

3.1 Market equilibrium

3.2 Predictions of price theory

3.3 Price controls: maximum price and minimum price

3.4 Taxes and subventions

Reading material:

-     Krugman, P. Essentials of Economics. Chapters 3 and 4

-     Mochón, F. Economía. Teoría y Política. Chapter 3 (3.6, 3.7 and 3.8)

Topic 4. Production and costs

4.1 Short run and long run production

4.2 Law of diminishing returns

4.3 Short run and long run costs of production

4.4 Economies of scale

Reading material:

-          Krugman, P. Essentials of Economics. Chapter 7

-          Mochón, F. Economía. Teoría y Política. Chapter 6

 

Topic 5. Types of market structures

5.1 Perfect competition

5.2 Monopoly

5.3 Monopolistic competition

5.4 Oligopoly

Reading material:

-     Krugman, P. Essentials of Economics. Chapters 8, 11 and 12

-     Mochón, F. Economía. Teoría y Política. Chapter 7, chapter 8 (8.1, 8.2, 9.4 and 8.6) and     chapter 9          (9.1, 9.2 and 9.4)

 

 

THIRD PART: MACROECONOMICS

Topic 6. Measuring aggregate production and income

6.1 Basic macroeconomic concepts and macro-magnitudes

6.2 Fluctuations and economic cycles

6.3 Growth and economic development

Reading material:

-          Krugman, P. Essentials of Economics. Chapters 14 and 15

-          Mochón, F. Economía. Teoría y Política. Chapter 14

Topic 7. An aggregate supply - aggregate demand model

7.1 Aggregate demand: consumption, investment, public expenditure and net exports

7.2 Aggregate supply: determinants

7.3 The determination of equilibrium: income and price level

Reading material:

-          Krugman, P. Essentials of Economics. Chapter 16

-          Mochón, F. Economía. Teoría y Política. Chapter 13 (13.4 and 13.5) and chapter 15

Topic 8. Financing the economy

8.1 Money: concept, kinds and functions

8.2 Financial system

8.3 Money creation process

Reading material:

-          Krugman, P. Essentials of Economics. Chapter 18

-          Mochón, F. Economía. Teoría y Política. Chapter 17

Topic 9. Economic policy

9.1 Demand policies: fiscal policy and monetary policy

9.2 Supply policies

9.3 Economic policy dilemmas

Reading material:

-          Krugman, P. Essentials of Economics. Chapters 17 and 18

-          Mochón, F. Economía. Teoría y Política. Chapters 16, 17 and 21

Topic 10. Economic relationships between countries

10.1 International trade and the comparative advantage

10.2 The balance of payments

10.3 Different kinds of exchange rates

Reading material:

-          Krugman, P. Essentials of Economics. Chapter 13

-          Mochón, F. Economía. Teoría y Política. Chapters 19 and 20

The methodology used in this subject is planned to achieve the proposed learning outcomes. It is based on a combination of lectures, classroom practices and group tutorials.

 

In lectures the basic material is presented and discussed and students are given guidance about the contents to be explained.

 

In classroom practices, exercises related to the theoretical contents are solved. In addition, complementary issues related to the lectures are raised and some key concepts are discussed. Students’ doubts and questions are also solved. The practical exercises will be available during the first week’s sessions.

 

Throughout the semester, there will be four group tutorials with duration of one hour each. The first one is devoted to give guidance about the method of study for this course. The remaining three sessions are devoted to carrying out the three supervision tests for continuous assessment.

 

On the other hand, this subject is available at the virtual campus of the University of Oviedo which allows students to keep in touch with the teaching staff, making any learning problems easier to handle.

 

To achieve the proposed learning outcomes the following work plan is suggested to students:

  1. Before the lectures, students should have read the material related to the contents which will be explained, paying special attention to the basic concepts emphasized.
  2. After the lectures, students should study in more detail the contents which have been explained, making their own outlines and taking explanatory notes.
  3. Before the classroom practices, students should try to apply the knowledge acquired to the proposed practical exercises (multiple-choice questions, numerical problems, debates…). This individual work is essential to achieve an optimal learning outcome.
  4. Students should participate in classroom practices discussing answers to practical exercises, raising questions, suggesting topics for debate…
  5. Students should actively participate in the subject website at the virtual campus of the University of Oviedo through which they are able to exchange opinions, raise any questions or doubts, make comments on current issues in economics,…

 

Lessons

Total Hours

Lectures

Classroom Practices

Group Tutorials

Evaluation Sessions

Total

Individual Work

Total

Topic 1

9.0

3

1

 

 

4.0

5

5.0

Topic 2

17.5

4

1.5

 

 

5.5

12

12.0

Topic 3

14.0

3.5

1.5

1

 

6.0

8

8.0

Topic 4

13.5

4

1.5

 

 

5.5

8

8.0

Topic 5

15.0

3.5

1.5

 

 

5.0

10

10.0

Topic 6

17.5

3

1.5

1

 

5.5

12

12.0

Topic 7

16.0

2.5

1.5

 

 

4.0

12

12.0

Topic 8

13.0

2.5

1.5

1

 

5.0

8

8.0

Topic 9

14.5

3

1.5

 

 

4.5

10

10.0

Topic 10

16.5

2.5

1

1

 

4.5

12

12.0

Evaluation

3.5

 

 

 

3.5

3.5

 

 

Total Hours

150

31.5

14

4

3.5

53.0

97.0

97.0

Type

Total Hours

Weight (%)

Total Weight (%)

In class activities

Lectures

31.5

21.00

53   

35.33 %

Classroom Practices

14.0

9.33

Group Tutorials

4.0

2.60

Evaluation Sessions

3.5

2.33

Distance learning activities

Team Work

 

 

97    

64.66 %

Individual Work

97.0

64.66

Total Hours

150.0

 

 

 The proposed teaching plan is aimed at helping students with lesson planning and subject study.  

Week

In class activities

Distance learning activities

1

Topic 1

Lectures and problem solving for topic 1

2

Topic 2

Lectures and problem  solving for topic 2

3

Topic 2

Lectures and problem  solving for topic 2

4

Topic 3

Lectures and problem solving for topic 3

5

Topic 4

Review of topics from 1 to 3

Lectures and problem solving for topic 4

6

Topic 5

Lectures and problem solving for topic 5

7

Topic 5

Review of topics 4 and 5

8

Topic 6

Lectures and problem solving for topic 6

9

Topics 6 and 7

Lectures and problem solving for topic 7

10

Topic 7

Lectures and problem solving for topic 7

11

Topic 8

Lectures and problem solving for topic 8

Review of topics 6 and 7

12

Topic 9

Lectures and problem solving for topic 9

13

Topic 10

Lectures and problem solving for topic 10

The final grade will be the average of the points obtained in continuous assessment and the final exam:

1. Continuous assessment (40%)

2. Final exam (60%)

Final grade = 0.4 x (Points from continuous assessment) + 0.6 x (Points from final exam)

This system of assessment will be adopted in both regular and extraordinary exams.

 

Continuous assessment:

This process will consist of:

1. Three monitoring tests in which students will be examined on the contents covered up to the date of the test. In total, students can achieve a maximum of 7 points.

2. Exercises and participation in both practical lessons and virtual campus forums. Students can achieve a maximum qualification of 3 points.

It should be noted that there is no make-up examinations for the points obtained from exercises and participation in practical lessons. The corresponding marks obtained in this process during the regular examination period will be kept for the extraordinary exam.

Notwithstanding the above, in extraordinary exams points from the three monitoring test can be made up. In that case, students must answer, apart from the final exam, 5 extra multiple-choice questions for each monitoring test failed.

Final exam:

This will cover theoretical questions and specific problems. The exam is divided into two sections:

The first section consists of 20 multiple-choice questions, containing four alternatives and just one correct answer. The purpose is to check whether students know the basic economic concepts, and they develop logic thinking about them. Each correct answer is worth 0.5 points and there is a 0.2 point penalty for an incorrect answer. Zero points are given for an unanswered question.

The second section consists of four questions, three of them are short questions to test the student’s ability to understand different topics and how he/she is able to link them. The fourth question tests the student's ability to create arguments and express his/her own opinion. It consists of a set of questions about written economic material them. In each question, students can achieve a maximum of 2.5 points.

The final mark will be the average of the points obtained in the two sections mentioned above, but it is required a minimum of 3 points in each one.

Basic Bibliography

Krugman, P.; Wells, R.; Olney, M. (2007) Essentials of Economics. Worth Publishers.

Mochón Morcillo, F. (2009) Economía. Teoría y Política. Mc Graw Hill 6ª edición.

Complementary Bibliography

Blanco, J.M. (2008) Economía. Teoría y Práctica. Editorial Mc Graw-Hill, 5ª edición

González, J.M. y Pérez, A. (2009)  Introducción a la Economía. Prentice Hall

Juan, R. (2006) Libro de ejercicios. Economía. Teoría y Política. Editorial McGraw-Hill 

Krugman, P.; Wells, R.; Olney, M. (2011) Introducción a la Economía. Editorial Reverte

Mankiw, N.G. (2007) Principios de Economía. Editorial Thomson 3ª edición

Méndez, E. y Pérez, A. (2003) Introducción a la Economía. Ejercicios y prácticas Pearson

Schiller, B. R. (2008) Principios de Economía. Editorial McGraw-Hill