EconomicsLaajuus (5 ECTS)

Objective

The student will be able to:
- conduct analyses of business behaviour
- evaluate economic policy measures and economic forecasts
- relate economic variables to business strategy
- understand complexity of relationships between economic variables

Content

Introductory microeconomics
- supply and demand analysis
- market structures and industry analysis
- production and costs
- market failure
Introductory macroeconomics
- the circular flow of income
- fiscal policy
- money, interest and monetary policy
the relationships between macroeconomic variables and government policy

Qualifications

None

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

Assessment criteria, approved/failed

Not applicable

Further information

Central to this course is the application of critical, analytical thinking. The identification and analysis of problems very often depends on the theoretical tools that we employ. Therefore also the limitations of these tools must be acknowledged. Economics provides many useful and illuminating concepts that give insights regarding the existence of market power and the persistence of market failure. Creating solutions to these problems often involves the critical evaluation of the tools used during this process. In this way we become more accustomed to recognising the bounded nature of our understanding. Equally, it is also possible, even necessary, to exploit our understanding's ability to adapt and develop.