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Managerial Economics

Managerial Economics

Code: SMB2RB003
Scope: 3 ECTS (81 h)
Timing: 4th period
Language: English
Level: Complusary Studies
Type: Elective, see the substitutes in other study programs

Prerequisites
Recommended but not mandatory: Basics of Business Mathematics

Learning outcomes
The objective of this course is to encourage the student 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 the student to take advantage of economic communication in society. At large, the goal of this course is to broaden your critical thinking and citizenship skills. After successful completion of the course you will be able to:

• analyze the fundamentals of microeconomics; market mechanism and specifically the theory of the firm
• track the basic features of macroeconomics; analysis and indicators of the national economies 
• 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 and Managerial Economics
• Principles of Macroeconomics incl. Money and Banking
• Economic indicator analysis incl. GDP, Inflation, Unemployment, Consumption Investments, Economy of
   the Central Government  and Foreign Trade

Cooperation with the business community and other organisations
To complete the course assignment it is necessary to use statistics produced by EUROSTAT and other international and national institutions providing national accounting data and economic analysis.

Teaching and learning methods
Contact learning and virtual learning platform MOODLE are used. Brief course instructions are introduced below and during the course. The assessment of one’s own learning 1 h.

Study instructions
It is the student’s responsibility to 1. Read theory and practice with applications 3. Answer quizzes 3. Work with the course assignment. Detailed tasks will be made available in Moodle. More guidance and discussions will take place in classroom and in Moodle discussion forums.

Recognition of Prior Learning, RPL  (in Finnish AHOT)
The required skills and competences can be demonstrated by a skills examination.

Teacher with the main responsibility for the course
Kalevi Tourunen

Course materials
The reading package of the course comprises of modified chapter summaries and power point sheets based on WILLIAM McEACHERN: ECONOMICS, A CONTEMPORARY INTRODUCTION (6-8th edition). This material will be handed out in Moodle. Because all modern basics of economics books cover more than the course, it is not necessary to find and use this book. It is therefore recommended that you visit the library and become familiar with some basic economics literature. Supporting web material will also be available in Moodle. Course assignment will be based on data found on the EUROSTAT web page.

Assessment
Course assignment 100 %

Multiple choice quizz requirements:
Student shows his/ her ability to comprehend and apply concepts and theories listed on course contest list of this syllabus.

The assessment of one’s own learning does not influence the grade. The assignment is the same for all courses/modules and the answers will also be used for course/module development. The assignment is completed online in WinhaOpaali.

Assessment criteria

Grade 1
Student can find, edit and present graphically basic national economic figures of different countries. Furthermore the student has shown evidence that he/she can produce a report containing basic indicator concepts of economics. The report covers basic criteria set for the assignment concerning extent, content and format.

Grade 3
In addition to previous criteria the student has shown more extensive level of familiarity with the source literature, shown by the extent of sources used for the assignment. These sources can include, but are not limited to publications by domestic (Statistics Finland, ETLA, EK, PT, PTT, VATT, VM & national banks) and international (OECD, IMF, national bureaus of statistics) research institutes.

Grade 5
In addition to requirements set for the lower grades, the graphical parts of the assignment are of high quality and they have been covered in great detail. In addition the student has shown, in the written part that the report is original and facts are correct. The report is also based on sources from several research institutes. The student has made well-grounded conclusion of the report showing his/her knowledge of the subject.