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: Financial Management and Business related Law Competence, Sustainable Development Competence

Content

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

Materials

Material is provided during the study unit implementation o The Economy from the Corecon. Can be found free online: https://core-econ.org/the-economy/book/text/0-3-contents.html • Moodle –materials

Teaching methods

Learning process is organized through the project work and problem-solving process. It includes teamwork, team tasks, team tutoring, independent studies and knowledge acquisition activities.

Evaluation scale

H-5

Assessment criteria, satisfactory (1)

Level 1
Economics:
You know the difference between micro and macroeconomics and are able to identify key macroeconomic indicators.
You understand the circular flow of economy and are able to describe cause-and effect relations in economy.
You understand the main terms, indicators of economics and the connection between business and economics.

Level 2
Economics:
You understand the differences between micro and macroeconomics and the use of key macroeconomic indicators.
You understand the circular flow of economy and are able to describe and give examples of cause- and effect relations in economy.
You understand the main terms, indicators of economics and are able to create and describe a connection between business and economics.

Assessment criteria, good (3)

Level 3
Economics:
You know how to analyse cause and effect situations in relation to economics.
You are able to compile, and study reports related to national economy.
You are able to justify why economical changes are relevant to business.

Level 4
Economics:
You know how to analyse, describe cause and effect situations in relation to economics.
You are able to analyse reports related to national economy.
You are 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:
You are able to analyse the current national and global economic situation.
You are able to use both micro and macroeconomic information to create analysis of the current business environment.
You have excellent understanding of the connection between business and economics

Assessment criteria, approved/failed

PASS:
You are able to write a report on the topic of economics following the given instructions.

Assessment methods and criteria

Assessment is based on the process and actual skills and knowledge evaluation.
• Exam 40 % (0/1-5)
• Presentations 60 % (0/1-5)

Assignments (pass/fail)

All assignments must be done according to instructions in order to pass the study unit (including the in-class assignments).

Plagiarism, AI tools and use of references:

Please note that in study unit assignment returns the plagiarism detection programs (for example Turnitin) will be used. Also notice that you need to use Lapland UAS templates (essay, thesis, report etc) and writing instructions. Textual references must be done according to the given instructions. Please download the thesis template and the referencing instructions here: https://www.lapinamk.fi/en/Students/Study-Guide,-Degree-Programme-Students/Thesis https://lib.luc.fi/c.php?g=662513&p=4803830Submitting assignments against given instructions may lead to failing and other possible consequences according to the Degree Regulations. The utilisation of AI tools (such as for example Chat GPT) is forbidden for any kind of written assignment task that is given, in order to prevent to diminish the individual learning experience.

Assessment criteria, fail (0)

The student does not complete the assignments/ requirements according to instructions or does not attend the learning situations at all. He/she does not pass the assignments and/or the exam as required.

Assessment criteria, satisfactory (1-2)

Grade 1:

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.

Grade 2:

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 (3-4)

Grade 3:

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.

Grade 4:

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)

Grade 5:

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.

Qualifications

NULL