Introduction to Economics 1Laajuus (3 ECTS)

Objective

Upon completing this course the student will:
- recognise scarcity and choice as the sources of market power
- understand how companies create and exploit market power
- understand the various types of intra-industry competition
- understand the impact of market structures on business behaviour
- relate key economic concepts to consumption and business practices
- understand market failure

Content

Introduction to microeconomics
- supply and demand analysis
- elasticity
- market structures
- production and costs
Industry analysis and firm strategy
Market failure, competition policy
Relating economic theory and concepts to generic business processes and the business environment

Qualifications

English Language Proficiency

Assessment criteria, satisfactory (1)

Sufficient performance: showing just enough understanding of the subject to merit a pass grade but requiring greater effort to achieve a more satisfactory result

Assessment criteria, good (3)

Good performance: showing strong understanding of basic concepts and good grasp of techniques, but with certain minor problems still requiring further attention

Assessment criteria, excellent (5)

Excellent performance: not only fulfils all standard requirements but demonstrates originality and imagination