Knowledge

The student...

has knowledge of how the interaction between consumers and producers creates a market equilibrium
has knowledge of consumers’ decisions based on preferences, prices, and income
has knowledge of producers’ decisions based on technology and factor prices
has knowledge of pricing under market power
has knowledge of criteria for economic efficiency
has knowledge of how changes in production or consumption decisions in one part of the economy affects decisions in other parts
has knowledge of key macroeconomic concepts and basic relationships
has knowledge of how changes in demand can affect the overall level of economic activity (multiplier theory)
has knowledge of how macroeconomic policy, particularly monetary and fiscal policy, can be used to smooth business cycle fluctuations
has knowledge of how small open economies, such as Norway, are affected by international conditions
has knowledge of the labor market and the relationship between unemployment, potential national output, and inflation
has knowledge of trade-offs in economic policy and institutional conditions in the Norwegian labor market
has knowledge of key concepts and perspectives related to economic growth

Skills

The student...

can present consumer and producer decisions based on preferences, prices, and income, as well as technology and factor prices
can demonstrate and analyze how the interaction between consumers and producers creates market equilibrium under different forms of competition
can analyze the relationship between market equilibrium and efficiency
can analyze situations involving market failure and assess possible government interventions
can evaluate pricing decisions in situations with market power
can collect relevant macroeconomic data and indicators
can analyze macroeconomic issues using mathematical and graphical models
can analyze how different forms of macroeconomic policy affect key variables in open economies

General competence

The student...

is aware of how the economy functions and is organized in society, both at the micro and macro level
has general competence to assess the welfare implications of the market economy as a system
can apply insights from production and pricing theory to understand real-world firm behavior
can reflect on how individual decisions and market processes affect the overall economy, and how economic policy can help resolve policy trade-offs
can interpret and communicate economic analyses in a way that makes them relevant for public debate and decision-making
can use insights from microeconomics and macroeconomics to understand and evaluate current issues in working life and society, both nationally and internationally

Subject description SAØK1001

Economic Analysis