Study Guide

Objective

Having completed this study unit
• You understand the basic concepts of economics.
• You know the difference between micro and macroeconomics.
• You understand the fundamentals of microeconomics; supply and demand and the connection to market prices.
• You understand the basics of macroeconomics and know some of the key macroeconomic indicators.
• You are able to understand the connection between business and economics.
• You are able to write a report on the topic of economics


Competences: Economics and Financial Management competence, xxxxxxxxviestintä

Content

- Microeconomics
- Supply and demand
- Markets and competition
- Macroeconomics
- National economy
- Inflation
- Labour markets
- Fiscal and Monetary policy
- Economics Growth
- International trade
- Reporting skills

Qualifications

NULL

Assessment criteria, satisfactory (1)

Level 1
Economics:
The student knows the difference between micro and macroeconomics and is able to identify key macroeconomic indicators.

The student understands the circular flow of economy and is able to describe cause-and effect relations in economy.

He/she understands the main terms, indicators of economics and the connection between business and economics.

Level 2
Economics:
The student understand the differences between micro and macroeconomics and understand the use of key macroeconomic indicators.

The student understands the circular flow of economy and is able to describe and give examples of cause- and effect relations in economy.

He/she understands the main terms, indicators of economics and is able to create and describe connection between business and economics.

Assessment criteria, good (3)

Level 3
Economics:
The student knows how to analyse cause and effect situations in relation to economics.

He/she is able to compile, and study reports related to national economy.

He/she is able to justify why economical changes are relevant to business.

Level 4
Economics:
The student knows how to analyse, describe cause and effect situations in relation to economics.

He/she is able to analyse reports related to national economy.

He/she is able to utilize and justify why economical changes are relevant in business and foresee some business opportunities based on the current economic situation.

Assessment criteria, excellent (5)

Level 5
Economics:
The student is able to analyse the current national and global economic situation.

He/she is able to use both micro and macroeconomic information to create analysis of the current business environment.

He/ she has excellent understanding of the connection between business and economics.