Opetussuunnitelmat

Objective

The Economic Wealth and Wellbeing course is a combination of theoretical underpinnings and their applications. You may find this course as a stepping-stone to explore and understand the wider spectrum of business studies.

At the end of the course, you are expected:
1. To understand various theoretical concepts used in the field of Economics and Business Studies that have impact on the wellbeing, in general, and their reasoning, applications, and limitations, in particular,
2. To understand the factors that affect economic/business activities including global business, economic crisis, foreign trade, and financial economics at the micro and macro level,
3. To understand the role of the state in the economic activities and wellbeing, for example, monetary and fiscal policy dynamics and their implications,
4. To understand, interpret and infer key patterns and trends in economic and business activities and participate in the discussion-based thereon by working in a multicultural group and in front of a multicultural audience.
5. To understand the effects of the abovementioned objectives on society, environment, and various stakeholders involved.


The course aims to develop the following COMPETENCES:
Learning to learn-
You develop critical and analytical mindset that helps you to study and review existing knowledge in the light of relevant learning resources and learning methods; incentivizes you to acquire new knowledge; and develops your intellectual capabilities to seek conclusions and draw inferences in various contexts.
To achieve this competence, you will:
– learn to formulate relevant questions and seek information,
-review relevant theoretical, and empirical literature to comprehend diverse perspectives and evaluate, and interpret arguments and counter-arguments,
-understand new developments in your field of study and make informed decisions based thereon.
- acquire the researcher’s mindset to problematize, explore and understand real-life phenomena especially in the academic track system.

Proactive development-
You develop solutions in the light of current as well as anticipated situations and challenges in business by applying knowledge, critical reasoning and analytical skills. You ensure that these solutions are feasible, relevant, creative, user-friendly, and sustainable as well as underline active cooperation amongst different actors.
To achieve this competence, you will:
- apply existing knowledge and utilize relevant research methods including digital technology in development projects,
-interpret new evidence in the light of existing body of knowledge, make comparisons and draw inferences,
- express your intellectual contribution through scientific or professional writings,
-understand utility, creativity, viability, scalability, and sustainability of new solutions.

Internationality and multiculturalism-
You work in multicultural and international environments and networks in order to develop knowledge and communication skills as well as develop empathy and appreciation for other cultures. You communicate responsibly and effectively in English through written, verbal, non-verbal and digital formats individually as well as a team member in diverse settings.
To achieve this competence, you will:
-be familiar with the impact of your cultural background on your actions and be able to effectively and productively function in your work community that explicitly recognizes the relevance of multiculturalism,
-demonstrate meaningful intercultural teamwork, including the roles of leadership and conflict resolution, in order to develop creative solutions carrying multicultural underpinnings,
-be able to experience group learning and share best practices in international settings,
- learn to communicate ideas and solutions effectively in the context of various subjects, multiple purposes, and a wide range of audience both individually as well as in a group,
- initiate and engage constructive dialogues among relevant stakeholders to accomplish desired goals for multiple purposes and communicate ideas and solutions to a wide range of audience including both individuals and groups,
-learn to be ‘active listener’ to understand diverse perspectives, and points of view in accurate, unbiased, and critical manner,
-learn various aspects of digital media.

Ethics-
You benchmark and demonstrate ethical and responsible conduct according to the well-established principles, norms and best practices laid down by relevant national and international bodies and organisations.
To achieve this competence, you will:
-understand and apply the well-established principles of responsible conduct in research, and problem solving,

-adhere to the principles of equity, equality, and non-discrimination,

-take responsibility for your own actions and their consequences and reflect on them in accordance with the relevant ethical principles, norms, and practices,

- develop realization of diversity and accessibility in your actions.

Sustainable development-
You develop an understanding, vision, and appreciation for sustainability that affect personal, and professions lives, local communities, and global society at large. You study and explore linkages between multiple aspects of sustainability and business.

To achieve this competence, you will:

-understand the concept and principles of sustainable development in the context of business,

-recognize sustainability challenges and their consequences for businesses, local communities, and global society,

-use your accumulated knowledge and skills to create and implement sustainable solutions to solve business problems.

IB competence:
Responsible international business management-
You develop your intellectual capabilities to seek conclusions and draw inferences in an international environment to become responsible manager. You develop creative and insightful solutions to solve complex business problems both in the present and the future with explicit emphasis on local and international standards of ethics, responsibility, and sustainability and implications on various stakeholders.
To achieve this competence, you will:
-study developments in your discipline in the international learning milieu and understand various aspects of responsible business management including global business trends and competitive landscape.
-derive and interpret new evidence and compare them with the existing body of knowledge in the global context to draw useful inferences,
- critically assess the implications of actions and decision of the international organisations.
-understand the impact of the of the actions and decisions on the community, in general, and specific stakeholders, in particular.
-understand core aspects of people management in the international business environment.

Content

Fundamental economic concepts (Consumption, production, exchange and distribution); Micro and Macro Economics dynamics; Monetary and Fiscal policies; Welfare Economics, 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.

Location and time

The course is held in the autumn semester. There will be a two-hour long lecture and one hour of workshop per week.

Oppimateriaali ja suositeltava kirjallisuus

Lecture slides, case studies, textbooks, research articles, videos, assignments, online resources etc. Please check learning platform on a regular basis.

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

Web Resources for Assignments/Presentations
World Economic Forum Videos of Annual Meetings

Other on-line sources
https://www.youtube.com/channel/UCeZf5FUwF9LrvdnjXhiCGKQ/videos
The above channel is run by the lecturer himself.
https://www.oecd-ilibrary.org/
http://www.worldbank.org/
https://www.bloomberg.com
http://www.reuters.com/
www.bbc.co.uk
http://ssrn.com
http://www.imf.org/external
http://www.worldbank.org/
http://www.ifc.org
http://www.reuters.com/
https://www.investing.com
https://uk.finance.yahoo.com/
https://finance.yahoo.com/
http://www.nasdaqomxnordic.com
http://www.nytimes.com

Teaching methods

The primary modes of delivery are face-to-face learning (lectures, workshops, presentations) with occasional distance learning (e.g. online lectures and presentations) and hyflex learning mode.

Exam schedules

Exam will be held during the last week of the course and details of the exam date, timings and venue will be notified at the learning platform. The retake exam will be held once in the following Spring semester and Autumn semester.

International connections

There are possibilities of having collaborations with other universities in Finland and abroad with respect to joint research, and corporate projects.

Vaihtoehtoiset suoritustavat

You have the right to apply for recognition of your studies if you have prior learning (e.g. university studies completed elsewhere) that can be accredited towards the degree you are currently completing. The recognition of prior learning is possible in three primary ways: accreditation (replacement or inclusion), recognition of informal learning and studification. More precise info: JAMK Degree Regulations, section 17.
Accreditation (replacement and inclusion)
Recognition of informal learning
Studification

Further instructions can be found in the Degree Regulations and in the Bachelor's Degree study guide.

Student workload

You will be required to required to invest 135 hours approximately and the break up of the total time is as below:
Lectures: 40 hours
Workshop: 15 Hours
Assignment Preparations: 20 Hours
Examination Preparations: 50 Hours
Miscellaneous: 10 Hours

Further information

Open UAS: 4 (included in the total capacity)

Evaluation scale

0-5

Arviointikriteerit, tyydyttävä (1-2)

A. Closed Book Written Exam (60%)
B. Group Presentations based on the recommended videos (40%)

You will get a grade of ‘one' or 'two' if you are able to demonstrate a basic level of evidence in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management
Ethics and
Internationality and multiculturalism

Arviointikriteerit, hyvä (3-4)

A. Closed Book Written Exam (60%)
B. Group Presentations based on the recommended videos (40%)

You will get a grade of ‘three' of 'four' if you are able to demonstrate a good level of evidence in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management
Ethics and

Assessment criteria, excellent (5)

A. Closed Book Written Exam (60%)
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 in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management

and good level of Ethics and Internationality and multiculturalism

Further information

You analyze key variables that are primarily related to the macro-economy and wellbeing 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.

Specifically, to study Economics and wellbeing 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. 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.

Recognizing the process of understanding how business information assists to make corporate decision-making is a core element of this course. You will understand, interpret and infer economic phenomena in the light of a dynamic global business environment that comprises various norms, wellbeing parameters, 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.

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. 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.

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.

Ethical, sustainable and responsible conduct will help you to focus 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 outcomes.

Personal skills development 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.