Opetussuunnitelmat

Objective

Intended Learning Outcomes: It is highly recommended that you go through the following Intended Learning Outcomes (ILOs) of the Economics course of the JAMK as below. These ILOs are not only customized in the context of Economics course, but also provide the guidelines that you will hopefully attain in this course.

1. Applied Business Skills (IBBUS)-
You can acquire Analytical Business Skills (IBBUS) by analyzing the key variables that are primarily related to the macro-economy and at the same time influence business operations, strategic decisions and potential outcomes by applying various analytical techniques and methods learned in the course and inter-disciplinary perspectives/concepts/techniques adopted from Finance and Accounting to solve complex challenges in diverse business scenarios. You will get several opportunities to study and analyze the macroeconomic concepts that can help you to acquire an analytical mindset when evaluating key patterns and trends in business activity.

2 Skills in Critical and Analytical Understanding (IBCRI)-
Specifically, to study Economics or any other business studies course or any discipline, in general, it is of utmost importance for you to adopt the attitude of Critical Thinking (IBCRI). Reviewing academic literature critically, analyzing and evaluating economic and business data, deliberating diverse approaches, comparing the resultant outcomes, and making value additive informed business decisions and action plans are vital exercises if you want to succeed in academia and the corporate world. Understanding of the true, objective and unbiased business information that helps managers to plan, revise and revisit their business strategies, financial targets, policy formulation, and planning process. Recognizing the process of understanding how business information assists to make corporate decision-making is a core element of this course. One of the hallmarks of this ILO is to understand, interpret and infer economic phenomena in the light of a dynamic global business environment that comprises various norms, values, traditions, beliefs, policies, rules, regulations, technical specifications, and legal practices. Identifying, outlining, practicing and synthesizing core economic concepts that help to deliberate and debate diverse views and perspectives about the structure and function of the modern market economy and potential world economic order are the key features of the course.

3 Communication Skills (IBCOM)-
Since in this course communicating the inferences made and interpretations drawn based on the business and economic data analysis responsibly, effectively and professionally in English, including in examination, written reports, presentations, formal correspondence, and on social media, are highly important, therefore, you will need to develop your Communication Skills (IBCOM). Analyzing and synthesizing of the fundamental economic concepts carrying multiple as well as conflicting interpretations will help you to express views and opinions in a clear, coherent and orderly manner.

4 Intercultural Collaboration Skills (IBCOL)-
You will get several opportunities to participate enthusiastically in intercultural and multicultural settings, demonstrate team building and leadership skills, and implement conflict resolution skills in numerous situations. These Collaborative Skills (IBCOL) will be immensely useful to you during the course.

5 Ethical Conduct (IBETH)-
Ethical, Sustainable and Responsible Conduct (IBESR) ILO focuses on safeguarding interests of different stakeholders in an unbiased manner to promote the corporate value system, which is humane, fair and equitable. As a student, you need to acquire a moral and ethical mindset to ascertain and disclose true and unbiased business and economic scenarios and their fallouts.

6 Skills for Personal Career Development (IBPER)
Personal Skills (IBPER) ILO aims to help you in activating personal and professional development by reflecting upon and deepening personal learning, and to positively affect one’s own life and those around them. You not only understand the theoretical underpinnings and their applications in the broader sense but also identify the specific skills that you can relate to them which can find its applications in your personal and professional aspects of life.

Content

Fundamental economic concepts (Consumption, production, exchange and distribution); Micro and Macro Economics dynamics; Monetary and Fiscal policies; Theory of firm, Board of directors and related aspects including agency, stakeholders theory, and resource-dependence theory; Ethics, Responsibilities and Sustainability issues of modern-day corporate sector; Environmental Economics; Exchange rate determination; Business and Economic data and information analysis; national income and other conventional measures; non-conventional macroeconomic measures of development; ESG measures; Circular Economy; interest and asset pricing; fundamentals of finance and investment; Economic problems such as inflation, unemployment; Globalization; International trade theory, Foreign direct investment, regional integration and trade blocks; International monetary system.

Assessment criteria, satisfactory (1)

A. Closed Book Written Exam (60%)
You will get a grade of ‘one’ if you are able to demonstrate a basic level of evidence of the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), and Communication Skills (IBCOM).
You will get a grade of ‘two’ if you are able to demonstrate satisfactory level of evidence of in the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), and Communication Skills (IBCOM).

B. Group Presentations based on the recommended videos (40%)
You will get a grade of ‘one’ if you are able to demonstrate very basic level of evidence of the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), Collaborative Skills (IBCOL), and Communication Skills (IBCOM).
You will get a grade of ‘two’ if you are able to demonstrate satisfactory level of evidence of in the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), Collaborative Skills (IBCOL), and Communication Skills (IBCOM).

Assessment criteria, good (3)

A. Closed Book Written Exam (60%)
You will get a grade of ‘three’ if you are able to demonstrate good level of evidence of in the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), and Communication Skills (IBCOM).
You will get a grade of ‘four’ if you are able to demonstrate an excellent level of evidence of in the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), and Communication Skills (IBCOM) and you are able to demonstrate clearly some evidence of Ethical, Sustainable and Responsible Conduct (IBESR) and Personal Skills (IBPER).


B. Group Presentations based on the recommended videos (40%)
You will get a grade of ‘three’ if you are able to demonstrate good level of evidence of in the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), Collaborative Skills (IBCOL), and Communication Skills (IBCOM).
You will get a grade of ‘four’ if you are able to demonstrate an excellent level of evidence of in the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), Collaborative Skills (IBCOL), and Communication Skills (IBCOM) and you are able to demonstrate clearly some evidence of Ethical, Sustainable and Responsible Conduct (IBESR) and Personal Skills (IBPER).

Assessment criteria, excellent (5)

A. Closed Book Written Exam (60%)
You will get a grade of ‘five’ if you are able to demonstrate an excellent level of evidence of in the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), and Communication Skills (IBCOM) and you are able to demonstrate clearly a significant evidence of Ethical, Sustainable and Responsible Conduct (IBESR) and Personal Skills (IBPER).

B. Group Presentations based on the recommended videos (40%)
You will get a grade of ‘five’ if you are able to demonstrate an excellent level of evidence of in the following ILOs-Analytical Business Skills (IBBUS), Critical Thinking (IBCRI), Collaborative Skills (IBCOL), and Communication Skills (IBCOM) and you are able to demonstrate clearly a significant evidence of Ethical, Sustainable and Responsible Conduct (IBESR) and Personal Skills (IBPER).

Materials

Textbook
•Economics for Business, 6/7 Edition by John Sloman, Kevin Hinde, and Dean Garratt, Publisher: Pearson Education.

Lecture sessions, case studies, videos, discussion forum, textbooks, research articles, assignments, and online resources

Further information

This is an in-classroom course. Attendance is mandatory. Unauthorized absences exceeding two can lead to removal from the course.