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721352S Fundamentals of Economics, 6 ECTS cr 
Code 721352S  Validity 01.08.2019 -
Name Fundamentals of Economics  Abbreviation Fundamentals of 
Scope6 ECTS cr   
TypeAdvanced Studies Discipline6311 Economics 
  Grading1 - 5, pass, fail 
Unit Oulu Business School 

Matti Koivuranta 

ECTS Credits 

6 credits

Language of instruction 



Period 1 and 2 (year 1)

Learning outcomes 

Upon complementing the course, the student will be able to explain the main features of consumer and firm behavior. The student recognizes different market environments and their effect on optimal decision making.

The student is able to use simple macroeconomic models to understand economic issues such as growth and business cycles. The student is also able to analyze the effects of different economic policies with simple economic models.


The basic concepts of consumer and firm theory, market equilibrium, market structures, economic growth, business cycles, monetary and fiscal policy

Mode of delivery 

Face-to-face teaching

Learning activities and teaching methods 

36 lectures and 18 hours of exercises, preparing for the lectures, exercises mid-term exams

Target group 

The first year Master’s students

Recommended or required reading 

Varian, H.: Intermediate Microeconomics, A Modern Approach, 8th (or older) edition

Williamson, Stephen D.D.: Macroeconomics, 4th ed., Pearson/Prentice Hall 2011

and other material delivered in class.

Assessment methods and criteria 

Written exam, exercises


The course utilizes a numerical grading scale 1-5. In the numerical scale zero stands for a fail.

Person responsible 

Matti Koivuranta, Mikko Vaaramo

Working life cooperation 

The students will learn problem solving and analytical skills. Students deepen their understanding of their own profession.

Other information 

The number of students is limited.


Current and future instruction
Functions Name Type ECTS cr Teacher Schedule
Registration Fundamentals of Economics  Course  Janne Lehto  13.09.21 -09.12.21

Future examinations
No examinations in WebOodi