Introduction to Business Economics (KC1001), 6 op

Basic information

Prerequisites

Course contents (core content level)

1) Learning Outcomes
By the end of the course, the student should be able to:
* understand the essential principles of traditional economic theory
* apply these principles in practice
* understand and use the statistical information published by governments and agencies
* understand the economic dilemmas facing governments and companies

2) content
- the development of trade and customs policy
- the stages of monetary economy and foreign exchange conditions
- changes in the structure and target areas of foreign trade
- free trade integration
- foreign trade and trade policy of the EU-Finland
- internationality of Finnish companies
- Finland and the challenges of globalization

Course contents (additional)

Core content level learning outcomes (knowledge and understanding)

1) Introduction to International Economics 3 cr
An understanding of the environment in which business is conducted is a vital part of any business education. This course introduces a variety of economic perspectives to enable students to analyse economic processes

The course Introduction to Business Economics consists of two parts: Introduction to International Economics (4.5 cr, lectured in English) and Finland and globalisation (1.5 cr online course in Finnish). In order to get a grade the student must pass both parts of the course. The assessment will be made on the basis of the weighted average.

Students will learn about the relationships between consumers, companies and governments. Business behaviour is analysed in the context of different market structures, government policies and consumer preferences. Students are encouraged to develop critical analytical skills which they can apply both to real problem situations, and to the theoretical tools they employ.

2) Finland and globalisation
The students will know the development of Finnish trade and currency relations and the position of the EU-Finland in the globalizing world. They will be able to present economic data and compile economic reports and statistcs. They will also be able to analyse economic information from a historical angle and connect economic basic variables with the qualitative change in the society.

The students? communication skills, problem solving skills, critical thinking skills and knowledge in Finnish economic history will be practised.

Core content level learning outcomes (skills)

Recommended reading

1) Literature
* John Sloman, Essentials of Economics, 3rd ed. Financial Times/Prentice Hall, 2004 (ISBN 0-273-68382-9). This is an essential purchase.

* In addition, students should make use of the library facilities, including the electronic resources. Also, regular reading of current newspapers and periodicals is essential for enhancing awareness of the issues tackled in this course.

2) Pihkala Erkki; Suomalaiset maailmantaloudessa keskiajalta EU-Suomeen, 2001 (online textbook)

Teaching and learning strategies

1) Teaching and Learning Strategies
Lectures, group assignment, on-line exercises and a final exam. Students will be provided with a range of topics and asked to choose one which they can research as part of a small group. The group will prepare a class presentation, to be followed by the submission of a written report. The second assignment takes place in class, and more details about this will be provided during the course. Students will also be provided with on-line revision tests in order to assess their grasp of essential concepts. A final exam will provide a more comprehensive test of the student's knowledge of the course.
Lectures 28 hours
Seminars 28 hours
Exam 2 hours
Assignments 12 hours
Self-directed learning 50 hours

Teaching strategies
Online self study 30 h
Online reporting in WebCT 6 h
Online discussions in WebCT 2 h
Online quizzes in WebCT 2 h

Teaching methods and student workload

Lectures
Exam
Learning tasks / Assignments
Self-study
Report/project

Assessment weighting and grading

1 ) Group assignment: 25%, classroom assignment: 25%, final exam: 50%

2) Distance learning
- exercises 50%
- exam 50%

Related competences of the degree programme

Competencies for society and organisations
Extensive business competencies
Personal development
Development competencies