Descriptive summary of course unit 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.
Aims and expected learning outcomes 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.
The main objetives of Microeconomics include the explanation of consumers and firms behaviours, and the functioning of the markets. With the matter taught students should be able to: 1. Understand the fundamental concepts and problems of the economy, mainly related to scarcity, opportunity costs and economic efficiency: 2. Explain the operation of competitive markets, understand the adjustment between demand and supply and the market equilibrium and its efficiency; 3. Understand the main determinants that guide decisions and consumer choices 4. Understand the behaviour of firms and the objectives that guide its activities, including the transformation of productive factors in goods / tradable services and maximize results; 5. Identify and discuss examples of specific markets; 6. Understand the relationship between the state and the market, especially in pricing, public goods supply and control of externalities.
Skills to be developed 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: Basic concepts; The fundamental economic problems. 2 Operation of competitive markets: Demand and Supply; Market balance; Supply and demand elasticity; Economic efficiency: the consumer and producer surplus. 3 Consumer behaviour theory: Budgetary constrain; Utility and preferences of the consumer; Consumers choice; The Income effect and Substitution Effect. 4 Firm theory: Technology and Production Function; Revenues and Production costs; The Market structures; Strategic behaviour. 5 The state and the well-being economy: Price control; Fiscal Policy; Limitations to the market power.; 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 and 5, which consist in recognising firms¿ decisions and in identifying specific market structures Chapter 5 includes the contests needed to access the objective 6, describing the Government intervention on market equilibrium.
Greenlaw, Steven A. & Shapiro, D.;Principles of Microeconomics, OPENSTAX, Rice University, 2018. ISBN: 978-1-947172-35-7 ((Download for free at https://openstax.org/details/books/principles-microeconomics-2e))
Supplementary Bibliography
Mankiw, N. Gregory ;Principles of Economics, Cengage Learning, 2018. ISBN: 978-1-305-58512-6
The CORE Team;The Economy, Oxford University Press, 2017. ISBN: 9780198810247 (Available free at https://www.core-econ.org/project/core-the-economy/)
Learning Methods
The syllabus will be mainly explained in theoretical-practical classes, which combine the theoretical exposition and the discussion of practical cases, and the resolution of exercises. Seminars will be held aiming to provide the connection between theoretical concepts and the real economy.
Over the course of classes, students will be motivated to express their opinion about the contents exposed and current economic affairs.
Assessment Components
Avaliação distribuída com exame final
Assessment Components
Description
Type
Time (hours)
Conclusion Date
Attendance (estimated)
Lessons
45
Seminar
Participação Presencial
4
Other
Participação Presencial
6
Evaluation
Teste/Exame
3
Group project
Projectos
20
Study time
Study
82
Total:
160
Continuous Assessment
Continuous Assessment includes two individual written tests, with an overall weight of 80% in the final grade (40% each) and a group work (with a weighting of 20% in the final grade).
Under the terms of the General Regulation:
1. The students' attendance in classes will be recorded and, if the number of absences per student exceeds 30% of the total number of lessons scheduled for each course unit, the student will be automatically transferred to the final evaluation (regular season). 2. In the written tests and other assessment elements mentioned in paragraph 2 of Art. 39 it is necessary to obtain a minimum grade of 7.5 (seven point five) points. 3. If the student misses a test or receives a grade lower than 7.5 points in the tests or in another assessment element mentioned in the previous number, the student will be automatically transferred to the final evaluation (regular season). 4. If the student misses or obtains less than 7.5 in the second written test, held in the same date of the final exam in the regular season, they may apply for further evaluation in the Appeal season. 5. All written academic work provided for in the assessment (reports, case studies, etc.) must be submitted to the Turnitin database, available on the ISAG E-Learning platform, with a similarity rate up to 30% acceptable.
Final Exam
Individual written test: 100%.
Demonstration of the coherence between the teaching methodologies and the learning outcomes
Based on different approaches theoretical presentation, the discussion of practical cases, seminars on specific themes, and the resolution of application exercises, and the discussion of the current economic situation (namely trough the analysis of media reporting) synergies can be obtained and the economic reasoning can be stimulated. With these distinct methodologies used the student will have access to both theoretical contents and practical tools to understand the real application of the microeconomic theory in the real economy context.