Descriptive Summary Microeconomics is one of the major areas of knowledge economy, which is mainly the study of individual entities such as markets, businesses and families. This curricular unit is addressed primarily related content to the concepts of scarcity, production, goods and services, factors of production, supply and demand, balance and organization of markets, behavior of consumers and businesses and the state's role in the markets.
Objectives and learning outcomes 1. To sensitize the students to the difference between macro and microeconomics, focusing on the fundamental concepts and problems of the economy mainly related to scarcity, opportunity cost, economic efficiency and production-possibility frontier; 2. Explain the operation of competitive markets, understand how it handles the adjustment between demand and supply, as is the market equilibrium and determining their efficiency; 3. Understand the main determinants that guide decisions and consumer choices, especially their preferences and budget restrictions to which they are subject; 4. Understand the behavior of companies and the objectives that guide its activities, including the transformation of productive factors in goods / tradable services and maximize results; 5. Describe the different market structures and business strategy behavior adopted, based on costs and revenues; 6. Understand the relationship between the state and the market, especially in pricing, public goods supply and control of externalities. Skills to develop With the matter taught students should be able to: 1. Understand the everyday decisions of economic actors, their motivations and how they influence the market balance; 2. Understand how to organize and run the markets and how consumers and companies constantly change their positions towards different stimuli; 3. Determine the factors that influence the determination of prices, especially at the cost structure of companies and government intervention on the markets; 4. Indicate the strategic behavior of the companies adjusted to the conditions of the markets in order to effectively achieve their objectives; 5. Build and interpret graphical representations, research work and analyze statistical data and percecionar the factors that influence the evolutionary process of markets.
Programme
1 INTRODUCTION TO MICROECONOMICS 1.1 Basic concepts. 1.2 The fundamental economic problems.
2 OPERATION OF COMPETITIVE MARKETS 2.1 Demand and Supply. 2.2 Market balance. 2.3 Supply and demand elasticity. 2.4 Economic efficiency: the consumer and producer surplus.
3 CONSUMER BEHAVIOUR THEORY 3.1 Budgetary constraint. 3.2 Utility and preferences of the consumer. 3.3 Consumers choice. 3.4 The Income effect and Substitution Effect.
4 COMPANY THEORY 4.1 Technology and Production Function. 4.2 Revenues and Production costs. 4.3 The Market structures. 4.4 Strategic behaviour.
5 THE STATE AND THE WELL-BEING ECONOMY 5.1 Price control. 5.2 Fiscal Policy. 5.3 Limitations to the market power. 5.4 Externalities and public goods.
Demonstration of the syllabus coherence with the curricular unit's learning objectives
The proposed program allows students to obtain crucial knowledge and develop competencies foreseen in the objectives and as follows: - Chapter 1 responds to objective 1, including the fundamental concepts of microeconomics; - Chapter 2 meets the objective 2, explaining the market equilibrium mechanisms; - Chapter 3 attains objective 3, providing essential knowledge regarding the consumer behaviour; - Chapter 4 exhibits the contents to respond to objective 4, which consist in the recognition of the producers decisions. - Chapter 5 includes the contests needed to access the objetive 5, describing the Government intervention on market equilibrium.
NABAIS, C. & FERREIRA, R. ;Microeconomia Lições e Exercícios, Lidel, 2010. ISBN: 9789727575848
Learning Methods
The syllabus of this curricular unit will be mainly explained in theoretical-practical classes, which combine the theoretical exposition and the discussion of practical cases, and the resolution of application exercises. For that purpose, we use as support tools, means either in paper format or with informatic base, like the Microsoft PowerPoint software. Regarding classes orientation, will be encouraged and valued a pro-active attitude and encouraged a critical stance on the contents exposed and current microeconomic issues.
Assessment Components
Avaliação distribuída com exame final
Assessment Components
Description
Type
Time (hours)
Conclusion Date
Attendance (estimated)
Lessons
45
Teste/Exame
3
Trabalho laboratorial ou de campo
1
Study
111
Total:
160
Continuous Assessment
Individual written work done in elearning with a weighting of 20% in the final grade.
Two individual written tests, with an overall weight of 80% in the final grade (40% / each).
Under the terms of the Bachelor's Regulation:
1. The actual presence of the students in the classes will be registered and, if the number of absences per student exceeds 30% of the total number of contact sessions provided for each course unit, it will automatically be transferred to the final evaluation of the normal time.
2. In the written tests and in the evaluation elements referred to in points b) to e) of paragraph 2 of Article 39 it is necessary to obtain a minimum grade of 7.5 (seven point five) values.
3. If the student is absent or has a grade lower than 7.5 points in the tests or evaluation elements referred to in the preceding paragraph, he will be automatically transferred to the final evaluation of the normal season.
4. If the student fails to obtain a grade of less than 7.5 points in the second written test (held on the same date as the final written test of the normal time), he / she may apply for evaluation at the time of appeal.
Final Exam
Individual written test: 100%.
Demonstration of the coherence between the teaching methodologies and the learning outcomes
The syllabus of this curricular unit will be mainly explained in theoretical-practical classes, which combine the theoretical exposition and the discussion of practical cases, and the resolution of application exercises. For that purpose, we use as support tools, means either in paper format or with an informatic base, like the Microsoft PowerPoint software. Regarding classes orientation, will be encouraged and valued a pro-active attitude and encouraged a critical stance on the contents exposed and current microeconomic issues. Integrated into the continuous evaluation process will be conducted in the classroom, two individual written tests.