This course provides a foundation in economics and will equip students with the basic skills to:
• Understand the basic economic concepts and terminology.
• Understand the main economic theories.
• Relate fundamental economic theory with daily economic activity and develop critical skills.
• Apply the economic concepts to the agri-food sector.
2. Course content
Thematic Unit 1. Introduction
1. Introduction to economics (1 week)
Thematic Unit 2. Microeconomics
2. Markets: demand and supply (1 week)
3. Markets: regulation (1 week)
4. Markets and welfare (1 week)
5. International trade (1 week)
6. Production and costs (1 week)
7. Market structures (1 week)
8. Externalities and public goods (1 week)
Thematic Unit 3. Macroeconomics
9. Macroeconomics: introduction and measurement (1 week)
10. Inflation and unemployment (1 week)
11. Fluctuations of the economic activity (1 week)
12. Monetary economics (1 week)
13. Growth and development (1 week)
3. Course materials:
Textbook: Krugman P., Wells R., Graddy K. (2013). Essentials of Economics (3rd edition). Worth Publishers.
• Mankiw N.G. (2012). Principios de Economía (6ª edición). Ediciones Paraninfo S.A.
• Mochón F. (2010). Principios de Economía (4ª edición). McGrawHill.
• We suggest students read newspapers and economic news.
Lecture handouts are distributed at frequent intervals through Moodle.
In our website ECONOSFERA (www.etsia.upm.es/econosfera) you find information about this course as well as learning materials.
4. Course assessment
A continuous assessment method applies. Students will receive grades based on the following weighting:
• Team-work 10%
• In-class examinations 20%
• Exercises (class or homemade) 15%
• Class participation and involving in learning activities 5%
• Final exam 50%