Introduction to Economics (3cr)

Evaluation scale

H-5

Objective

The student understands
- basic phenomena in an economy, and how different groups of economic actors (consumers, firms, the public sector) interact and influence each other
- determination of market price in the interaction of demand and supply
- principles of economic policy (fiscal policy, monetary policy)
- the importance of internationalization and globalization to Finland as an open economy and as an EU member state
- basics of economic sustainability and intergenerational accountability

The student is able
- to use the basic concepts of economics accurately
- to use the demand and supply framework
- to identify different competitive situations in a market
- to analyze a current economic situation and trends using indicators and evaluate their impact on a given industry
- 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 internationalization and globalisation for the Finnish economy
Sustainability of economic development

Teaching methods

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 internationalization and globalisation for the Finnish economy
Sustainability of economic development

Lectures, exercises and an exam.