You understand basic phenomena in an economy, and how different groups of economic actors (consumers, firms, the public sector) interact and influence each other. You understand determination of a market price in the interaction of demand and supply. You understand principles of economic policy (fiscal policy, monetary policy). You understand the importance of internationalisation and globalisation for an open economy such as Finland.
You are able to use the basic concepts of economics accurately. You are able to use the demand and supply framework. You are able to identify different competitive situations in a market. You are able to analyse a current economic situation and trends using relevant indicators and evaluate their impact on a given industry. You are able to search for additional information on the subject matter from relevant sources.