Business EconomicsLaajuus (5 cr)

Objectives

This business economics course deals with micro-economic factors and theories, influenced by rational business decision-making process and positioning of company in markets. This course covers areas like economic systems, pricing, costing, revenues, market structures, business structures, sources of financing and factors of production and their rewarding system.

After completing the course, the students will be able to:

Make rational business decisions by applying the theory of opportunity cost.
Analyze forces influencing price determination process in markets.
Classify types of costs, revenues and profits in business process.
Analyze sources for financing business.
Know the production rewarding system factors.
Map company in different market structures.

Content

How do different economic systems operate in terms of resource allocation and solving basic economic problem?
How is market price determined through the actions of free market forces and government intervention?
How does a business operate in different market structures; monopoly, oligopoly, perfect competition and monopolistic competition?
What are the production factors and how do they contribute in production process?