Economics (5 cr)

Objective

The student
• is able to conduct analyses of business and buyer behaviour and to evaluate economic policy measures and economic forecasts
• can relate economic variables to business strategy and 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
• Goals of economic policy
• Circular flow of income
• Fiscal policy
• Money, interest and monetary policy
• Relationships between macroeconomic variables and government policy

Location and time

Every Wednesday, 14:00 - 17:00 in room MMC364, Myyrmäki campus

Materials

Students are strongly urged to purchase a copy of

John Sloman and Dean Garratt (2019) Essentials of Economics, 8th ed. Harlow: Pearson.
(ISBN 978-1-292-23959-0)

This is the book around which the course is structured. Most economics textbooks are thick and heavy (and quite expensive). This book is not perfect, but it is at least thinner, lighter, and not as expensive. Earlier editions of the book are also valid sources of information.

Teaching methods

Economics is the study of how societies choose to organise the production, distribution, and consumption of goods and services. It is the study of how humans create and use value, which relates to living standards and the quality of life. For these reasons, it is among the most important of all business-related subjects. It sounds simple enough, but, as you will quickly realise, it is a complex and controversial endeavour. If conducted with a sufficiently open mind and a willingness to learn, it is also a great adventure.

The course consists of lectures with some video presentations. There are 2 assignments: 1 group assignment and an individual essay.

Employer connections

An understanding of the wider business environment is vital for comprehending the strategies and operational decisions of business organisations. What sort of competition is there? What sort substitutes are available to consumers? How should production be organised?

In addition, the policy environment is a major influence on the behaviour of both business organisations and consumers. Taxes, subsidies, interest rates, access to credit, inflation ... all of these will be discussed with reference to the policy tools at the disposal of governments.

Exam schedules

There are no formal exams in this course. Students will be informed of assignments at the beginning of the semester.

International connections

The content of this course has very strong international application. Examples from all over the world will be used to highlight important learning objectives.

Completion alternatives

As well as the textbook, you should make use of the resources available in the library. Also, serious newspapers like the Financial Times, The Economist, and Business Week provide extensive coverage of economic issues. Occasionally the lecturer will provide students with additional materials. Nevertheless, students should exercise their own initiative in identifying and making use of information sources, including those in their own native languages.

Student workload

Activity / Number of hours

Lectures / 42
Final assignment / 2
Group assignment / 2
Individual assignment / 24
Reading / 60

Total hours 130

Content scheduling

Exact dates and details of assignments will be confirmed at the beginning of the semester.

Further information

To get the most value out of this course, regular classroom attendance is encouraged and recommended. Full participation will ensure the best results with respect to grades and, most importantly, learning.

Evaluation scale

0-5

Assessment criteria, satisfactory (1)

The student
• has achieved the objectives of the course to a satisfactory level
• is able to identify, define and use concepts and models in the subject area of the course
• understands the conditions and principles of the development of expertise.

Assessment criteria, good (3)

The student
• has achieved the objectives of the course well, although there are still areas where knowledge and skills need to be improved
• has a good understanding of the concepts and models of the subject matter of the course and is able to carry out a reasoned analysis
• is able to apply what they have learned in leisure, learning and working life situations
• understands the importance of expertise in business and is able to analyse their own expertise.

Assessment criteria, excellent (5)

The student
• has achieved the objectives of the course with excellent marks
• has an excellent command of the concepts and models of the subject matter of the course
• is able to analyse clearly and reasonably and propose practical development measures
• has a good ability to apply what they have learned in leisure, learning and working life situations
• is able to analyse expertise in business and their own development towards expertise.

Assessment criteria, approved/failed

The student
• has achieved the objectives of the course to a satisfactory level
• is able to identify, define and use concepts and models in the subject area of the course
• understands the conditions and principles of the development of expertise.

Assessment methods and criteria

Grade: Percentage/points Explanation

5: 90 – 100 Outstanding performance: not only fulfils all standard requirements but demonstrates originality and imagination

4: 80 – 89 Excellent performance, fulfilling all tasks in an appropriate manner

3: 70 – 79 Strong performance, showing strong understanding of basic concepts and good grasp of techniques, but with certain minor problems still requiring further attention

2: 60 – 69 Good performance, demonstrating basic grasp of concepts and techniques but less adept at more advanced application of these

1: 50 – 59 Adequate performance, showing just enough understanding of the subject to merit a pass grade but requiring greater effort to achieve a more satisfactory result

0: 0 – 49 30 – 49: insufficient to pass but capable of achieving a more satisfactory result if greater effort is made

0 – 29: a result indicating a significant lack of effort on the part of the student, and a clear signal that major improvements are necessary in the organisation of study time