Study Guide

Objective

The student understands the basic concepts of economics.
He/she knows the difference between micro and macroeconomics.
The student understands the fundamentals of microeconomics; supply and demand and the connection to market prices.
He/she understand the basic of macroeconomics and knows some of the key macroeconomic indicators.
The student is able to understand the connection between business and economics.

Competences: Economics and Financial Management competence

Content

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

Location and time

21.08.2023 12.30 - 15.00 C217
Introduction to Economics and basic terms and theories

23.08.2023 12.30 - 15.00 C217
Introduction to Economics and Principles of Microeconomics

28.08.2023 12.30 - 15.00 C217
Microeconomics

29.08.2023 12.30 - 15.00 C217
Microeconomics

04.09.2023 12.30 - 15.00 C217 TBD
Microeconomics

08.09.2023 09.00 - 11.30 C303
Microeconomics

11.09.2023 12.30 - 15.00 C217
Macroeconomics

13.09.2023 09.00 - 11.30 C217
Global Political Economy Special Session

18.09.2023 12.30 - 15.00 C217
Macroeconomics

20.09.2023 09.00 - 11.30 C203
Macroeconomics

25.09.2023 12.30 - 15.00 C217
Presentations

26.09.2023 12.30 - 15.00 C217
Presentations

28.09.2023 12.30 - 15.00 C217
Exam

Materials

Material is provided during the study unit implementation

• Book

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

The student understands the basic concepts of economics. He/she knows the difference between micro and macroeconomics. The student understands the fundamentals of microeconomics; supply and demand and the connection to market prices. He/she understand the basic of macroeconomics and knows some of the key macroeconomic indicators. The student is able to understand the connection between business and economics.

Exam schedules

28.09.2023 12.30 - 15.00 C217
Exam


Assessment is based on the process and actual skills and knowledge evaluation.

• Exam 40 % (0/1-5)
• Presentation 60 % (0/1-5)
Additional Assignments

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

Retake Exam TBD (depending on the situation)

International connections

Practical examples from global business and global political economy will be linked to theory throughout the study unit.

Evaluation scale

H-5

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.

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)

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.

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)

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.

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)

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