6159 - Principles of Economics
Course information
- Title
- Principles of Economics
- Course number
- 6159.25
- Academic year
- 2025-2026
- ECTS
- 10.00
- Level
- Bachelor
- Faculties
- History and Social Sciences
- Educations
- BSSc in Social Sciences, BSSc in Political Science
- Prerequisites
- Upper secondary education diploma or equivalent qualification.
- Language of instruction
- The language of instruction is Faroese, and the materials are in Faroese, English and Scandinavian.
- Registration
- Students will be automatically enrolled in all their required courses. Students who take this course as an elective course, or individual course, register via the student affairs office lss@setur.fo
- Beginning date
- Monday, August 25, 2025
- End date
- Tuesday, December 16, 2025
Academic content
- Purpose
- The purpose of this course is to provide an introduction to fundamental economic topics and concepts, as well as to introduce economic thought to the students.
- Learning outcomes
- Upon completion of the course, the student shall be able to: • Describe fundamental economic concepts • Describe economic methods, theories and discuss the prerequisites this are the foundation of these assumptions • Apply methods, theories in conjunction with economic argumentation • Complete an economic analysis of an economic issue in coherence with economic theory and method • Assess whether the appropriate method of an analysis shall be a short- or long-term model
- Content
- The course content consists of both microeconomic and macroeconomic topics, where both areas have equal weights. The content listed below, has been divided into these main topic areas. Microeconomics: This part of the course focuses on principles of economics relevant to decision making of households, firms, and society. The main topics are: • Supply and demand (e.g., consumers, firms, and the efficiency of markets). • Market intervention (e.g., market failure, and externalities). Market structures. Macroeconomics: In macroeconomics we focus on the economy as a whole and analyse measures such as total production in the economy, employment, interest rates, inflation, among many others. The main topics are: • Macroeconomic data (e.g., those listed above). Macroeconomics in the long run (e.g., production, growth, savings, investment, and the financial sector). • Macroeconomics in the short run (e.g., aggregate supply and aggregate demand, monetary policy, and fiscal policy).
- Learning and teaching approaches
- Lectures and classes, where students’ assignments will be resolved with the possibility of students hand ins. Students will solve the assignments individually and in groups. Student presentations is a mandatory part of the course
Assessment
- Assessment method
- Oral examination 30 minutes with 30 minutes preparation time The student will have access to all course materials, but no internet connection, during the preparation time. As a prerequisite for the examination, the student must hold 2 presentations and submit an essay. The presentations and the essay, must be approved by the lecturer
- Examination (internal/external)
- External
- Grading scale
- 7-scale
- Exam date/dates
- 20, 21, 22 and 23 jan 2026
- Deadline for withdrawal from exam
- Monday, August 25, 2025
Academic responsibility and teachers
- Academic responsibility
- Johnny í Grótinum
- Teachers
- Sjúrður Zachariasson