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Principles of Economics

SE-112-1

Included in Study

  • Bachelor's Programme in Marketing and Management
  • Bachelor's Programme in Business Administration
  • Master's Programme in Business Administration (5 years)

Language of teaching

The teaching language is Norwegian. The textbook and power point presentations are in English.

Learning outcomes

Upon successful completion of this course the students shall

  • have knowledge on what affects consumers' and firms' choices, and how these choices determine market prices market equilibrium
  • have knowledge on how markets perform under perfect competition and monopoly
  • he able to use simple models to analyze economic questions
  • understand what is meant by market failure and how regulatory tools can be used to solve various problems
  • have knowledge on macro-economic measures such as gross domestic product, savings, consumption and investment
  • have knowledge on direct and fundamental causes of economic growth and the wealth of nations in the long run
  • have acquired an ability to critically reflect upon how data can be used to test theories
  • have basic knowledge on how economic theories and methods can be used to analyze various questions related to UN Sustainable Development Goals on poverty, inequality, climate change and economic growth

Contents

Economics is the study of how people and firms make choices. Economic theory assumes that decision makers do the best they can and analyze the consequences of these choices for society. The behavioral predictions from the theory is then confronted with data. In this course, these principles of economics are introduced through verbal reasoning, intuitive examples, figures and graphs. Core concepts in microeconomics include consumers' and firms' choices, different market forms, market failure and the role of government. Core concepts in macroeconomics include how individual choices can be aggregated into measures like gross domestic product, savings, consumption and investment, and how these measures relate to economic growth and the wealth of nations in the long run.

Teaching and learning methods

Lectures and group work. Expected workload is about 200 hours.

Examination requirements

Approved mandatory assignments. More information in Canvas at the start of the semester.

Examinations

3 hours individual, multiple choice exam with letter grades. Questions and answer alternatives are in English.

Student evaluation

The person responsible for the course, in consultation with the student representative, decides the method of evaluation and whether the courses will have a midterm- or end of term evaluation, see also the Quality System, section 4.1. Information about the evaluation method for the course will be posted on Canvas.

Admission for external candidates

No

Credit reduction

  • SE-100-1 with 5 credits.
  • SE-110-1 with 5 credits.

Choose year for topic

Duration

1 semester

Credits

7.5

Start

Autumn

Campus

Kristiansand 

Faculty

School of Business and Law 

Reading List

Exam Papers