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

Students will be able to
- explain key concepts and ideas of economics
- conduct economic analysis of price and cost changes
- relate economic concepts to business processes
- analyse strategic choices

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