Study Guide

Objective

The objective of this course is to lay down the foundations of economic rational thinking, and to help students understand micro and macroeconomic phenomena. The course introduces the basic principles of microeconomics, which include the nature and method of economics, market interaction, consumer choice, output, market structures, and resource allocation. In macroeconomics, the objective is to increase students’ knowledge and broaden their economic view to the national level, by understanding the relationships between several macroeconomic phenomena and the macroeconomic analytical tools to interpret these relationships and predict economic consequences of fiscal and monetary policies also at the international level.

Content

Basic principles and assumptions.
Factors of production and Economic growth
Consumer choice
Market interaction (supply and demand model)
Firm´s output decision, and the market structure.
Government, Tax, and welfare economics
Factor market
National accounts
Determination of national outputs
Money
Economic policies
International economics

Evaluation scale

0 - 5

Assessment criteria, excellent (5)

The students demonstrate an ability to use professional terminology in a controlled manner and base their decisions on customer needs and using an extended knowledge base. They demonstrate the ability to assess the requirements and consequences of their own activities systematically. The students demonstrate the ability to create a good working atmosphere in their group.

Assessment criteria, good (3)

Students can demonstrate their ability to perceive the links between central and appropriate professional concepts and can base decision-making using the field's knowledge base. They are able to distinguish between the requirements and consequences of their operations and participate in the group's activities.

Assessment criteria, satisfactory (1)

The students will demonstrate their ability to use central and appropriate professional concepts and to make choices founded on knowledge in their field. They can recognize the requirements and consequences of their own operations and participate in the activities of the group.

Prerequisites

Business Operations

Further information

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