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Principles of Economics

Principles of Economics

Code: ECO8HH002
Extent: 3 ECTS (81 h)
Language: English
Level: Basic studies
Type: Free elective, see the substitutives in different study programmes


Recommended but not mandatory: Basics of Business Mathematics

Learning outcomes

The objective of this course is to encourage students in reading, interpreting and applying concepts and statistical data used in media and economics research. Learning the terminology and discourse of economics will make it easier for you to take advantage of economic communication in society. At large, the goal of this course is to broaden your critical thinking and citizenship skills. Completing the course successfully the student will be able to:

  • comprehend the fundamentals of microeconomics; demand, supply and the theory of the firm

  • track the basic features of macroeconomics; analysis and indicators of the national economies

  • take advantage of economics communication in society

  • compile an economic country review

Course contents

  • The Art and Science of Economic Analysis. The lesson of Production Possibilities
  • Demand and Supply on micro level. Price Elasticity of Demand

  • The basics of the Theory of the Firm

  • Principles of Macroeconomics incl. Money and Banking

  • Economic indicator analysis incl. GDP, Inflation, Unemployment, Consumption Investments and Foreign Trade

Cooperation with the business community

Completing the course assignment it is necessary to work out with EUROSTAT and (inter)national institutions that provide national accounting data and economic analysis.

Teaching and learning methods

It is student's responsibility to regularly keep going 1. weekly theory reading, 2. weekly practicing with applications, 3. biweekly answering to test questionnaires, 4. working with course assignment. Detailed weekly work load will be set in Moodle. More guidance and discussion takes place in discussion platform in Moodle.

Teacher with the main responsibility for the course

Kalevi Tourunen, PhD, MSc.

Course materials

The reading package of the course comprises modified chapter summaries based on WILLIAM MCEACHERN: ECONOMICS, A CONTEMPORARY INTRODUCTION (6-8th edition). This material will be handed out in Moodle. All of the modern basics of economics books more than cover the course. Therefore it is recommended that student would visit the library and become familiar with some economics literature. Supporting web material will also be set in Moodle. Course assignment is based on EUROSTAT web data.

Assessment criteria

1. Four (4) equally graded multiple choice tests: in sum 50% (1-5/fail)
2. Economic Country Review (course assignment): 50% (1-5/fail) 
Parts 1 and 2 need both to be passed successfully.