Learning outcomes

After completing the course, the student is expected to:

- have knowledge of the fundamental questions in economics

- be able to explain the main characteristics of model and theory formation in economics

- be able to apply microeconomic models to explain the functioning of a market economy, verbally and graphically

- show that an unregulated market economy can lead to an inefficient use of resources as well as being able to explain how economic policy can affect the market economy in the desired direction

- have a knowledge of and understand the basic concepts of macro theory and being able to provide a survey of the main characteristics of economic policy

- be able to apply basic economic theory to current economic issues

- be able to work on a limited economic question together with other students in a short essay and discuss and defend the essay at a seminar

Content

The course starts with a survey of the basic economic questions. How do we economise on scarce resources? How does the interaction between consumers and producers determine price, production and consumption on a market? Then, there is an analysis of price formation in the market forms of monopoly, monopolistic competition and oligopoly. Economic efficiency is defined and different obstacles to efficiency such as pollution and insufficient competition are examined. Furthermore, different economic-political measures in a market economy are discussed.

After having discussed the individual markets, the course deals with the economy as a whole, i.e. macroeconomics. This part is mainly devoted to introducing and defining central macroeconomic concepts and relations such as: the national accounts, unemployment and inflation, economic growth, financial markets and purchasing power parity and exchange rates.

Instruction

The instruction consists of lectures and seminars.

Assessment

The grades on the course are pass with distinction (VG), pass (G) and fail (G). The assessment consists of three parts: a written exam corresponding to 10 credits, seminars corresponding to 3 credits and a test corresponding to 2 credits. The grades for the exam are pass with distinction (VG), pass (G) and fail (U). The grades for the seminars and the test, respectively, are pass (G) and fail (U).

Each part is reported separately in UPPDOK. A total grade for the entire course amounting to 15 credits is awarded when all parts have been completed. The grade pass (G) requires a pass on all parts. The grade pass with distinction requires a pass with distinction (VG) on the exam and pass (G) on the test and the seminar part.

The seminar part starts with a planning seminar where the students are divided into memorandum groups and are assigned a subject. The essays are then being dealt with at three compulsory seminars. Presence is required at the compulsory seminars. If someone is absent from one of these seminars, there is a possibility of making up for this during a pre-set period of time shortly after the end of the course. Absence from more than one of the seminars cannot be made up for so the student will have to return another semester and retake the entire seminar part. It is not possible to "save" partial activities at seminars and all seminar activities where a pass has not been obtained will be reported in UPPDOK with the grade fail (U) on the seminar part.