Introduction to Economics I
Academic Year: 2015/2016 Semester: 1st
Instructor(s): Miguel Gouveia João Coelho
Course Description: This is the first of a two semester sequence providing a general presentation of the basic principles of economics. Microeconomics studies the behavior of agents (firms, workers, consumers) and their interaction in markets. Macroeconomics studies the behavior of aggregates such the fluctuations and growth of gross domestic product, unemployment, inflation, the trade deficit and so on... In this course the focus is on the fundamental notions of microeconomic theory. ________________________________________________________________________________
Course Content: I. INTRODUCTION
1. Principles of Economics [MT1], [FB1] 2. Thinking like an Economist [MT2], [FB1]
3. Interdependence and the Gains from Trade [M 3], [FB2]
II. SUPPLY AND DEMAND: THE BASICS 4. Supply, Demand and Markets [MT3], [FB3]
5. Elasticities [MT4], [FB4] 6. Consumer Choice [MT5], [FB5]
7. Firms, Production and Costs [MT6, MT13], [FB6] III. COMPETITIVE MARKETS AND WELFARE
8. Measures of Welfare [MT7], [FB5]
9. Market Efficiency [MT7], [FB7, FB8] 10. Public Policies and Competitive Markets [MT8]
11. International trade [MT19] IV. NON COMPETITIVE MARKETS
12. Monopoly [MT14], [FB9]
13. Oligopoly [MT15], [FB9, FB10] V. Topics (as time allows)
14. Labor Markets [MT17], [FB13] 15. Income dispersion and poverty [MT18], [FB13]
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Course Objectives: The purpose of this course is to allow the students to master some of the central concepts of economics. The course deals with microeconomics and so its aim is to lead the students to understand
the behavior of consumers, firms and the functioning of markets. Primary emphasis is placed upon
acquiring tools with which to analyze current economic issues including the understanding of everyday economic problems and economic news as well as the use of economics to understand and assess
public policies.
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Grading: Final Grade = 35% midterm + 40% final test + 25% continuous evaluation (in class minitests and
quizzes) __________________________________________________________________________________
References:
Mandatory: [MT]- MANKIW and TAYLOR (2014), Economics 3rd ed.; Cengage Learning.
Suplementary: [M]- MANKIW (2013), Chapter 3, Principles of Economics 7th ed.; Cengage Learning.
[FB], FRANK and BERNANKE (2013), Principles of Microeconomics 4th ed.; McGraw-Hill.
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Biography: Miguel Gouveia has a PhD in Economics from the University of Rochester and a Licenciatura in Economics (UCP). He is an Associate Professor at the Catolica Lisbon School of Business and Economics and works in the areas of Public Economics, Social Policy, and Health Economics. João Miguel Coelho has a Masters in Economics from the Nova School of Business and Economics. He is a Teaching Assistant at the Católica Lisbon School of Business and Economics and works as Director of the Parliamentary Budget Office. __________________________________________________________________________________
Contact(s) and Office hours: Mail: [email protected] Home phone: 217214244 Office: 5304, 3rd floor of CLSBE Mail: [email protected] Mobile phone: 916536265
Calendar
Lecture 1 Topic 1 Principles of Economics
Lecture 2 Topic 1 Principles of Economics
Lecture 3 Logistics, Topic 2. Thinking like an Economist
Lecture 4 Topic 2. Thinking like an Economist.
Topic 3 Interdependence and the Gains from Trade
Lecture 5 Topic 3 Interdependence and the Gains from Trade
Lecture 6 Topic 4 Supply, Demand and Markets
Lecture 7 Topic 4 Supply, Demand and Markets
Topic 5 Elasticities
Lecture 8 Topic 5 Elasticities
Lecture 9 Topic 5 Elasticities
Topic 6 Consumer Choice
Lecture 10 Topic 6 Consumer Choice
Lecture 11 Topic 6 Consumer Choice
Topic 7 Firms, Production and Costs
Lecture 12 Topic 7 Firms, Production and Costs
Lecture 13 Topic 7 Firms, Production and Costs
Lecture 14 Topic 8 Welfare
Lecture 15 Topic 8 Welfare
Lecture 16 Topic 9 Market Efficiency
Lecture 17 Topic 9 Market Efficiency
Lecture 18 Topic 10 Public Policies
Lecture 19 Topic 10 Public Policies
Lecture 20 Topic 11 International Trade
Lecture 21 Topic 12 Monopoly
Lecture 22 Topic 12 Monopoly
Lecture 23 Topic 13 Oligopoly
Lecture 24 Topic 13 Oligopoly
Lecture 24* Topic 14 Labor Markets*
Lecture 25* Topic 15 Income dispersion and poverty*
`* Time allowing