Opinto-opas

Osaamistavoitteet

After completing the course, the student:
- understands the importance of economics and economic thinking, and the branches of economic studies
- understands the concepts of opportunity cost, trade-off and choice
- understands how markets work, the demand and supply interaction, price and market equilibrium
- knows how to apply the concept of elasticity on products and services
- understands and differentiates between different market structures and the principles of decision-making under each structure
- is familiar with the key macroeconomic variables
- understand the role of money in the economy and how it is created
- is aware of the monetary policy and fiscal policy tools to regulate the economic cycle
- has a basic understanding of the aggregate demand and the aggregate supply model.

Sisältö

- opportunity cost, trade-off, and the production possibility frontier model
- demand and supply model
- price elasticity of demand, cross price elasticity and income elasticity
- market structure, perfect competition, monopoly, monopolistic competition and oligopoly
- macroeconomic variables (GDP, inflation, unemployment and interest rate)
- macroeconomic policies (monetary policy and fiscal policy)
- AD/AS model