Current active course description (last updated 2024/25)
Introduction to Economics
ECO1017
Current active course description (last updated 2024/25)

Introduction to Economics

ECO1017
The course gives you an introduction to key economic concepts, models and management tools. You will also gain an understanding of specific finance-related issues that you may encounter in a business and in society in general.

The course gives you an introduction to key economic concepts, models and management tools. You will also gain an understanding of specific finance-related issues that you may encounter in a business and in society in general.

Content:

  • Central economic concepts and economic reasoning.
  • Supply and demand theory.
  • Business’ financial statements.
  • Principles and methods of product calculation.
  • Profitability analysis.
  • Planning and budgeting.
The subject is reserved for the study programme Bachelor's degree in Circular Bioeconomy. Other students can get admitted if there are places available. Contact student advisor.
The subject is reserved for the study programme Bachelor of Circular Bioeconomy. Other students can get admitted if there are places available. Contact student advisor.

Knowledge

  • Basic knowledge of costs, revenues and profitability in enterprises.
  • Basic knowledge of accounting and budgeting in enterprises.
  • Basic knowledge of product calculation in different types of enterprises.
  • Basic knowledge of the difference between business and socio-economic profitability

Skills

  • Explain, and define, key economic concepts.
  • Conduct analyses to find the optimal price and production quantity in an enterprise.
  • Carry out product calculations in different types of enterprises.
  • Conduct simple analyses of an enterprise's financial statements.
  • Conduct a simple investment analysis.
  • Use spreadsheets to conduct financial analyses

General competence

  • Use central economic concepts when communicating economics-related issues in enterprises in particular and in society in general.
  • Discuss the importance of the financial function in enterprises and discuss how financial management of an enterprise should be conducted.
  • Discuss ethical challenges in the exercise of financial management in enterprises.
No costs except semester registration fee and the cost of the literature on the reading list. It is also required that students have a laptop at their disposal.
Compulsory
Lectures, group work and individual assignments.
The study program is evaluated by the students each semester by means of course and study program surveys. The evaluations are part of Nord University’s quality assurance system for education.

Excel, simple calculator and dictionary. Generating an answer using ChatGPT or similar artificial intelligence and submitting it wholly or partially as one's own answer is considered cheating.

No prior knowledge is required beyond the admission requirement.

Overlap refers to a similarity between courses with the same content. Therefore, you will receive the following reduction in credits if you have taken the courses listed below:

ECO1002 - Business Economics with Relevant Computer Software - 5 credits

ECO1014 - Business Economics - 5 credits

REG1003 - Agricultural Accounting - 2.5 credits

Choose start semester
Course language
Norwegian
Credits
7.5
Study location
Steinkjer
Teaching semesters
Spring 2025
Responsible faculty
Nord University Business School
Course coordinator