Knowledge

The student...

has knowledge about how economic activity in a country can be measured and explained
has knowledge about how macroeconomic models and methods can be used to analyse the Norwegian and international economy
has knowledge about markets structures with different prerequisites
has knowledge about the producer decision, and supply of goods and services
has knowledge about the consumer decision, and supply of goods and services

Skills

The student...

can analyse macroeconomic problems by using mathematical and graphical presentations of macroeconomic models
can explain how changes in demand in one part of the economy will have ripple effects and can affect the overall level of economic activity in a country (Multiplier Theory)
can assess and analyze how macroeconomic policy, with emphasis on monetary and fiscal policy, can be used to smooth out cyclical fluctuations
can explain how national economies, especially small open economies such as the Norwegian one, are influenced by international factors
can explain the relationship between the labour market and unemployment, potential GDP and inflation
can discuss the key driving forces behind economic growth Analyse the adjustments in a market, and explain how the prices and the quantitative of produced goods are decided
can explain how economic policy can affect the market Knowledge about how different market failures affect the market equilibrium and the economic efficiency

General competence

The student...

is able to present and communicate key macroeconomic relationships
is able to reflect on the use of macroeconomic models
has knowledge about how to use economic theory to study the behavior of the producers and the consumers, and the function of the market

Subject description 6003

Economics