Economics (5 cr)

Objective

You can describe how the modern market economy functions and influences business decisions.

You can analyse the impact of supply and demand on market prices, the driving forces that cause economic fluctuations, and how economics applies to everyday life.

You can explore topics related to scarcity, supply and demand, costs and benefits, trade-offs, and incentives.

You can examine the reasons behind, for example, income inequality and the quality of the environment, unemployment, financial crises, technological change, and other economic issues.

Content

How does the modern market economy function and influence business decisions?
How do supply and demand impact prices?
Which driving forces cause fluctuations in the economy, and how does economics apply to everyday life?
How do scarcity, supply and demand, costs and benefits, trade-offs, and incentives impact decision-making?
What are the reasons behind, for example, income inequality and the quality of the environment, unemployment, financial crises, technological change, and other economic issues?

Course material

The course outline and the group and individual tasks are presented in Learn. Additionally, handouts are provided when necessary.

Study forms and methods

Teaching is carried out entirely face-to-face on the Kouvola campus according to the timetable. Remote participation is not possible. In principle, face-to-face teaching is not recorded, and it is not replaced by remote lectures when face-to-face teaching is given. Attendance is necessary to complete the course.
• The course consists of 11 lecture blocks of 5x45 min each.
• Teacher guidance is available in connection with the ongoing lessons.
• The assessed tasks are done independently and as a group.
• The course utilizes different feedback methods - written and oral feedback. Peer feedback is also used.

RDI and work-related cooperation

The learning tasks of the course are based on assignments from working life.

Timing of exams and assignments

Learning tasks are completed at the end of each section.
During the study period, a project task is done in groups, which must be ready by the end of the study period.
An exam will be taken at the last face-to-face teaching session of the course.

The course ends at the time indicated in the implementation information. By this time, the student has returned the required tasks, completed any exams and met other requirements for an approved performance.

Student workload

• 1 ECTS corresponds to approximately 27 hours of student work. However, the amount of work depends on your study skills and previous knowledge.
• In the 5-credit course, the student's workload is approximately 135 t, of which 55 hours are lectures and group work under the teacher's guidance according to the work schedule, and approximately 80 hours are for independent learning.

Course part description

The project task is evaluated by the lecturer and peer feedback.

Further information

Further details of the course completion are presented at the start of the course. For additional information, please contact Slaveya at slaveya.hamalainen@xamk.fi.

Evaluation scale

1-5

Assessment methods and criteria

The evaluation is done in relation to the competence goals and evaluation criteria of the course. Successful course completion requires all course components - project, exam and participation - to be completed with an approved grade.

Evaluation scale of the course: 1–5