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Principles of Economics

Principles of Economics

Code: ECO1RZ001
Scope: 3 ECTS (81 h)
Timing: 4th period 2016
Language: English
Level: Professional Studies

100% Web course

No prerequisites

Learning Outcomes
The objective of this course is to encourage you in reading and interpreting economic vocabulary, concepts and data published in media. Learning the terminology and discourse of economics will make it easier for you to take advantage of economic communication in society. After successful completion of the course you will be able to

• analyze the fundamentals of microeconomics; market mechanism and the theory of the firm
• track the basic features of macroeconomics; analysis and indicators of the national economies 
• monitor econ news in media

Brief table of course contents

• 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

Course book and material
The reading package of the course comprises chapter summaries and power point sheets based on William McEachern: ECONOMICS, A CONTEMPORARY INTRODUCTION (6-8th edition). The newest 9th edition is named Economic Principles, A Contemporary Introduction. It does not matter which edition you may additionally use because all course material will be handed out in Moodle. On the other hand, all principles of economics study books more than cover this course. Just visit the library and become familiar with some basics of economics literature. Supporting web material will also be found in Moodle. Feel free to google/ use Wikipedia.
Teaching and learning methods

Learning methods
Virtual learning (100%) platform MOODLE is used.

Study instructions
You are expected to 1. Read the theory 2. Practice with applications 3. Answer quizzes. Answering quizzes, you are allowed to use all material open. Your course grade will be summarized as an average of your quiz’ results.

Kalevi Tourunen Dr. (Bus), MSc. (Econ)


1. Six (6) multiple choice open book exams: 100%.  Final grade sums the average of single exam grades which are 80% = K5; 70% = H4; 60% = H3; 40% = T2; 30% = T1.
Student shows his/ her ability to comprehend, analyze and apply concepts of economics according to the above mentioned grading criteria.