Study Guide

Objective

You understand basic phenomena in an economy, and how different groups of economic actors (consumers, firms, the public sector) interact and influence each other. You understand determination of a market price in the interaction of demand and supply. You understand principles of economic policy (fiscal policy, monetary policy). You understand the importance of internationalisation and globalisation for an open economy such as Finland.

You are able to use the basic concepts of economics accurately. You are able to use the demand and supply framework. You are able to identify different competitive situations in a market. You are able to analyse a current economic situation and trends using relevant indicators and evaluate their impact on a given industry. You are able to search for additional information on the subject matter from relevant sources.

Content

- Basic micro and macro economic phenomena and related terminology
- Functioning of a market
- Demand and supply analysis
- Principles of economic policy (fiscal policy, monetary policy)
- Opportunities and threats of internationalisation and globalisation
- Exchange rate, trade and competitiveness

Teaching methods

Students will familiarise themselves with basic micro and macro economic phenomena, learn to assess their relevance from the point of view of a firm and an industry, and learn to use terminology correctly. Examples of content items: functioning of a market, demand and supply analysis, principles of economic policy (fiscal policy, monetary policy), opportunities and threats of internationalisation and globalisation, competitiveness of a country.

Evaluation scale

H-5