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Principles of Micreconomics

Objectives

The aim of the course (*) is to introduce students to the concepts and analytical tools of Microeconomic Theory and their use in analysis of current issues and policies. 

(*Spring Semester 2024. The updated course’s syllabus will be available to students at the beginning of each academic term)


General characterization

Code

1117

Credits

7

Responsible teacher

Cláudia Alves | Pedro Pita Barros

Hours

Weekly - Available soon

Total - Available soon

Teaching language

Portuguese | English

Prerequisites

n/a

Bibliography

CORE project, The Economy, www.core-econ.org

Can be complemented with Krugman, P., Wells, R., Economics, any edition, Worth Publishers 


Teaching method

Lectures: two weekly classes of 1:20. Presentation and discussion of the topics of the program illustrated where possible with examples; clarification of doubts and questions.

Weekly tutorial: a 1:20 class with the aim of exploring some specific topics through problem solving.


Evaluation method

Regular Exam

1) Final exam: 60%. It is done without consultation Minimum score in the final exam of 8 out of 20 points.

2) Two midterm tests: the highest score has a weight of 20%, the lowest score has a weight of 10%. The lowest score across midterm tests and final exam has a reduction in weight of 5%.

3) Group Homework: worth 10%, requested throughout the semester for delivery at specific date. The delivery of the homework is mandatory.

4) Individual quizzes in Moodle: worth a total of 5%, requested throughout the semester for delivery at specific dates.

Resit Exam

Option A : all elements count as in the Regular Exam (see above)

Option B : Resit has a weight of 100%, and it will include an extra section, compared to option A, with the corresponding extra time.

The choice between Option A and Option B in the Resit Exam is made by you and once selected cannot be changed. The extra section in Option B will cover the materials that are present in both midterms and homework.

Midterm tests cover the contents given in lectures up to one week before the respective date and are done without consultation. Students will be able to use only the Wiseflow calculator, in case of need. Not showing up for the test or exam implies a score of 0.

Teamwork and mutual assistance in the study are behaviours to be encouraged. However, the quizzes, intermediate tests and final exam must, under word of Honor of the student, correspond to an individual effort, carried out without giving or receiving any kind of help. Accordingly, identical responses to homework will not be considered valid.

If a student misses one or more mandatory pieces of evaluation, with motives validated by the school authorities, the final score does not follow the rules defined above. Evaluation rules will then be set on a case-by-case basis by the Professors of the Course and may include oral exams.

Grade Improvement in Regular Exam

The above-mentioned rules apply for grade improvement.

Grade Improvement in Resit Exam

Both options A and B are available for grade improvement

 

Subject matter

Introduction to the course. What we do in Economics. Scarcity, work, and choice. Social interactions. Property and power: Mutual gains and conflict. The firm: Owners, managers, and employees. The firm and its customers. Supply and demand: Price-taking and competitive markets. The labor market: Wages, profits, and unemployment. Banks, money, and the credit market. Rent-seeking, price-setting, and market dynamics. Markets, efficiency, and public policy.