Principles of Economics (5 cr)

Evaluation scale

H-5

Content scheduling

•basic concepts and explanatory models of economics
•market structures and the modes of competition
•income and output of nations; macroeconomic data, output determination, fiscal policy, foreign trade
•money and banking, interest rates, aggregate demand and output
•aggregate supply, inflation and unemployment

Objective

After completing this course the student is able
- to interpreteconomic information, news or media
- to explain the fundamental concepts in economics
- to usethe terminology correctly in speech and writing
- to negotiate for financing

Content

- basic concepts and explanatory models of economics
- market structures and the modes of competition
- income and output of nations; macroeconomic data, output determination, fiscal policy, foreign trade
- money and banking, interest rates, aggregate demand and output
- aggregate supply, inflation and unemployment

Materials

E-book used for the course:
https://saylordotorg.github.io/text_economics-theory-through-applications/index.html

Completion alternatives

none

Student workload

The course consist two main element.
1.Individual study from book and exam of it. (weight 1)
2.Individual / pair study to apply learnings in real world questions. (weight 1)
In 1. you will study individually from the book and when you see you are ready the study will be tested by exam. Exam is open and it is multiple choice based.
In 2. study you need to find info and apply it to real world questions and based on those to create a report.
Both elements are graded 1-5. => Grade to total course.
50% study from the book / 90 hours
50% work on applied questions / 40 hours

Evaluation methods and criteria

The course is evaluated by two main elements.
1.Individual study from book. Evaluation method: Exam (weight 1)
2.Individual / Pair study: Report (weight 1)

Failed (0)

Exam not passed
and/or
Analysis / report not accomplished according to specs

Assessment criteria, satisfactory (1-2)

Level 1:
- use of basic terminology
- use of basic theories
- work done according to specifications

Assessment criteria, good (3-4)

Level 3:
- terminology well in use
- own thoughts of economics theories
- used own thinking & analysis in all work and study in the course

Assessment criteria, excellent (5)

Level 5:
- Terminology used professionaly
- Theories applied in real life situations
- Applying analysis & own thinking in real life situations