Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


After this course, the student will have a basic understanding of the aims and objectives of normative and positive economics. The student understands how markets and other allocation mechanisms operate and how to evaluate their economic performance.


Credits: 6

Schedule: 08.09.2020 - 19.10.2020

Teacher in charge (valid 01.08.2020-31.07.2022): Juuso Välimäki

Teacher in charge (applies in this implementation): Juuso Välimäki

Contact information for the course (applies in this implementation):

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English


  • Valid 01.08.2020-31.07.2022:

    Firms and consumers in modern economies. Utility maximization and consumer welfare. Profit maximization and firms performance. Price mechanism and economics incentives. Strategic interactions and externalities.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    Examination, exercises and class contribution.

  • Valid 01.08.2020-31.07.2022:

    In total 160h, consisting of lectures and exercises and independent work.


Study Material
  • Valid 01.08.2020-31.07.2022:

    Core project: The Economy

  • Valid 01.08.2020-31.07.2022:

    No prerequisites

Registration for Courses
  • Valid 01.08.2020-31.07.2022:

    via WebOodi

  • Applies in this implementation:

    A syllabus describing the contents of the course in more detail is in the material section.

SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth


Further Information
  • Valid 01.08.2020-31.07.2022:

    A maximum of 65 students can be accepted to the course. Priority is given to:
    1. Students in BSc programme in Economics (quota 45 students)
    2. Students in BSc programme in Science and Technology and Students in BSc programme in Design (quota 5 students)
    3. Other Aalto students (quota 15 students)
    In each quota students are selected in the order of enrollment. If a given quota is not filled, more students from other quotas can be accepted to the course.

  • Applies in this implementation:

    A syllabus describing the contents of the course in more detail is in the material section.

Details on the schedule
  • Applies in this implementation:

    The course is delivered in person and streamed online during normal lecture hours.