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Basics of Economics

  • Code: ECO1LE004
  • Extent: 3 ECTS (81 h)
  • Timing: 2nd Semester*
  • Language: English
  • Level: core studies
  • Type: compulsory

*the course is offered only in spring semesters

Prerequisites

None

Learning outcomes

The student

  • understands the basic economic concepts
  • is able to analyse the economic news information and explain the basic economic phenomena
  • knows how to evaluate the economic performance of the national economy
  • understands how the households and the companies make their rational decisions and what their implications on aggregate level are
  • is able to use the different economic information sources.

Course contents

  • Rational behaviour, opportunity cost
  • Demand and supply
  • Price formation
  • Market structures and competition
  • Economic growth, inflation, unemployment and interest rates and their interdependence
  • Basic economic analysis of the performance of Finnish national economy
  • The European Union and Finland
  • Globalisation

The student studies both individually and in teams. Individual studies consist of the economic information and data collection (article portfolio), workshops, study of the textbook and the preparation for the lessons and the examination.

Cooperation with the business community and other organisations

The course involves external visitors from business/organizations and weekly market reviews of local/global economic developments.

International dimension

Due to the globalization and all the time expanding international businesses, most of the course topics have international dimensions by the definition.

Teaching and learning methods

Lectures and workshops 26 h
Presentations 4 h
Independent studies and team work 48 h
Examination 2 h
Self-assessment of learning 1 h

Alternative completions

The course can be replaced by completing a course with similar contents and extent in other degree programmes in HAAGA-HELIA or at another University.

Recognition of prior learning (RPL)

If a student thinks that s(he) has both the skills and experience of the above mentioned course contents and learning outcomes based on her/his earlier studies or work experience, there is a possibility for  the student to prove that s(he) both understands and can apply the learning objectives by attending both to a) a written exam and b) an oral exam.

If a student would like to proceed according to the RPL process s(he) should contact the instructor of the course during the pre-enrollment week or latest when attending the first lecture.

Teacher with the main responsibility for the course

Olli Laintila, Pasila

Course materials

Parkin, Powell & Matthews. 2005. Economics. Harlow: Pearson Education Ltd.
Recommended sources
Course Handouts

 

Assessment criteria/scale 5-1.

5 excellent 3 good 1 satisfactory

The student:

  • masters excellently an
    evaluation of economic
    choices and their impact on
    both microeconomic and
    macroeconomic level.
  • has an excellent knowledge
    about different economic
    frameworks/theories, policies
    and analysis methods.

The student:

  • can evaluate  well economic choices
    and their impact on both microeconomic
    and macroeconomic level.
  • has a good knowledge about
    basic economic frameworks/theories,
    policies and analysis methods.

The student:

  • has below average skills in
    evaluating economic choices
    and their impact on both microeconomic
    and macroeconomic level.
  • has a below average knowledge about
    basic economic frameworks /theories,
    policies and analysis methods.

 

Examination 40 %
Activity and assignments 30 %
Team work 30 %

The self-assessment of learning assignment does not impact your grade. The
assignment is the same for all courses/modules and your answers will be used
also for course/module development. The assignment is completed online in
WinhaOpaali.

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