Economics and EnterpriseLaajuus (7 ECTS)

Objective

On completion of the course the student will be able to:
- recognize 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 economic policy on consumers, firms and industries
- understand the relationships between macroeconomic variables
- explain the key concepts and ideas of economics
- relate economic concepts to business processes
- analyze strategic and ethical choices
- understand the moral or ethical problems that arise in a business environment
- evaluate economic policy measures and their impact on market actors
- define the main ideas behind economic policy measures

Content

Introduction to microeconomics: supply and demand
analysis, elasticity, market structures, production and
costs; Industry analysis and company strategy; Market
failure, competition policy;
Introduction to macroeconomics: National income and the circular flow; Taxation; Government spending, and fiscal policy; Money, interest, and monetary policy; Supply side policies; Keynesian, monetarist and alternative theoretical approaches
Introduction to Business Ethics: strategic and operational approaches, rules and regulations

Assessment criteria, satisfactory (1)

Students have achieved the course objectives fairly. Students will be able to identify, define and use the course subject area’s concepts and models. The student understands the criteria and principles of the expertise development.

Assessment criteria, good (3)

Students have achieved the course objectives well, even though the knowledge and skills need improvement on some areas. Students are able to define the course concepts and models and are able to justify the analysis. The student is able to apply their knowledge in leisure, study and work situations. The student understands the importance of expertise in the field of business and is able to analyze his/her own expertise.

Assessment criteria, excellent (5)

Students have achieved the objectives of the course with excellent marks. Students master commendably the course subject area’s concepts and models. Students are able to make justified and fluent analysis and to present concrete development measures. The students are well prepared to apply their knowledge in leisure, study and work situations. Students are able to analyze the business sector expertise and the evolvement of their own expertise.