Business Economics (5 cr)

Objectives (course unit)

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 (course unit)

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?

Exam schedules

Exam- & project presentation dates will be announced to the 1st meeting.

Assessment methods and criteria

Exam: 50%
Project:40%
Presentation: 10%

Teaching methods

Contact teaching|study conversation|seminar|diary (learning diary, project diary, work diary)|exam

Learning materials

Selected chapters from: Alain Anderton (2008). Economics. 5th edition. Causeway Press Limited, ISBN 190279610. Or the newest one. Lecture handouts are very important from learning point of view.

Student workload

Total: 110 hrs
Project: 25 hrs
Learning diary: Not necessary unless you stay absent from more than 2 contact lessons. You may miss 2 lessons; for each additional missing lesson you need to write 1 page long learning diary.
Reading: 35 hrs
Contact lesson, presentation, exam & distance learning: 50 hrs.

Content scheduling

There will be course content based 10 theoretical lessons and 2 sessions for course project presentation. The course final exam will be held during the last week of the 3rd period. The course project (PPT & word doc)should be returned to TABUA designated folder a day before the presentation session.

Completion alternatives

Contact to the course teacher.

Practical training and working life cooperation

Possible & welcome

International connections

Open

Further information

It might be hard to catch up with the course if you miss the first three lessons.

Assessment criteria - fail (0) (Not in use, Look at the Assessment criteria above)

Student has failed to write the course project according to the given guidelines and unable to obtain the required minimum points to the test.

Assessment criteria - satisfactory (1-2) (Not in use, Look at the Assessment criteria above)

Student has achieved the objectives of the course sufficiently. Student understands the premises and principals of the subject matter. Student recognizes, is able to determine and use the concepts and models.

Assessment criteria - good (3-4) (Not in use, Look at the Assessment criteria above)

Student has achieved the objectives of the course well although the skills and competences are somewhat in need of further development. Student is able to determine and apply the concepts and models of the subject matter well and is able to apply them in simple tasks.

Assessment criteria - excellent (5) (Not in use, Look at the Assessment criteria above)

Student has achieved the objectives of the course excellently. The student masters the concepts and models of the subject matter in an excellent manner. Student is able to conduct fluent and reasoned analysis and has good capabilities to apply the learning.