KTTP2210 Principles of Economics (6 cr)

The course introduces the key concepts, theories, and research methods of economics. The course is divided into microeconomics (which examines the activities of individual economic agents, such as consumers and firms) and macroeconomics (which examines economy-wide phenomena, such as unemployment, inflation, and economic growth).

Economic knowledge. After completing the course, the student

- understands the key concepts of economics, including demand, supply, equilibrium, price, market, externality, gross domestic product, unemployment, money, and inflation.

- can analyze the behavior of buyers and sellers (consumers and firms) in the market and the functioning of different market structures (including perfect competition, monopoly, oligopoly, and monopolistic competition).

- knows what kind of measures can be used to solve various problems in the economy.

- can analyze factors that affect economic development and well-being.

Working life skills and meta-skills. The course supports the student’s

- critical, analytical, and systematic thinking

- ability to learn and absorb new things

- expertise

The exam is based on selected chapters from the following book:

- CORE Econ: The Economy 1.0 (available at https://core-econ.org/the-economy/v1/en/)

Complementary reading: selected chapters from the following books:

- Acemoglu, Laibson & List: Economics (3rd edition)

- Mankiw: Principles of Economics (8th edition)