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Business Economy

Code	14373
Year	1
Semester	S2
ECTS Credits	6
Workload	TP(60H)
Scientific area	Economics
Entry requirements	n.a.
Learning outcomes	General objectives: 1. To define the basic concepts used in the microeconomic approach to the company. 2. To understand how individual consumers make their consumption decisions, influenced by external factors. 3. Understand how companies make production decisions. 4. Analyse how markets work and price formation mechanisms. 5. Understand strategic interaction models and competitive dynamics. 6. To study the modalities of price discrimination and non-price strategies. Competences: 1. Be able to define microeconomic concepts. 2. Be able to formulate and solve problems using a microeconomic approach to the company. 3. Be able to solve everyday problems using the concepts learnt in the course. 4. Be able to understand how markets work and how prices are formed in different competitive dynamics.
Syllabus	I. Consumer theory I.1 Economic rationality I.2 Budget constraints and preferences I.3 Optimal consumer choice I.4 Effects of changes in prices and income II. The theory of production and costs II.1 Short-term production II.2 Long-term production II.3 Production costs II.4 The optimal choice of company III. The demand and supply model III.1 Demand and supply, and market equilibrium III.2 Equilibrium and government intervention III.3 Consumer and producer surpluses III.4 Elasticities and total income/expenditure IV. Market structures IV.1 The company in a competitive environment IV.2 Monopoly: The company with market power IV.3 Oligopoly and monopolistic competition IV.4 Advertising, price discrimination and non-price strategies
Main Bibliography	Frank, R. (2021) Microeconomics & Behavior, 10th Edition, McGraw-Hill Leitão, J.; Ferreira, E.; & Ferreira, J. (2022) Fundamentos de Economia da Empresa: Conceitos: decisões e aplicações; Editora Rei dos Livros Mata, J. (2002) Economia da Empresa, 2ª Edição, Fundação Calouste Gulbenkian Goodwin, N.; Harris, J.; Nelson, J.; Rajkarnikar, P.; Roach, B.; Torras, M. (2019) Microeconomics in Context, 4th Edition, Routledge Schneider, G. (2022), Economic Principles and Problems: a pluralist introduction, Routledge
Teaching Methodologies and Assessment Criteria	In theoretical-practical classes, international and national case studies will be presented and analyzed on microeconomic approaches of the enterprise, with applications of marketing themes. The elements of evaluation are two tests each weighting 45% of the final grade. The other 10% are distributed among participation and attendance.
Language	Portuguese. Tutorial support is available in English.