Applied Economics
Study programme title in Est.
Rakenduslik majandusteadus
Study programme title in Engl.
Applied Economics
TalTech study programme code
TAAB02
MER study programme code
1894
Study programme version code
TAAB02/25
Faculty / college
M - School of Business and Governance
Head of study programme/study programme manager
Marit Rebane
Language of instruction
Estonian
Study level
Bachelor study
ECTS credits
180
Self-paid study programme
no
Nominal study period
6 semesters
Study programme group
Business and Administration
Broad area of study
Business, Administration and Law
Study field
Business and administration
Curriculum group
Business, administration and law not elsewhere classified
Granting the right to conduct studies in the study programme group
õppe läbiviimise õigus
Validity date of the right to conduct studies in the study programme group
tähtajatu
No. of the decision granting the right to teach in the study programme group
191
Access conditions
Secondary education or corresponding qualification in accordance with admission requirements of TalTech.
Study programme aims and objectives
- To provide students with bachelor’s level knowledge and skills in economics,
finance, methods of economic analysis and IT applications to guarantee competencies required for successful careers in economics or finance in the private or public sector, in their home country or internationally.
- To create a future oriented vision and an understanding of how the economic system functions and thereby enhance students' ability to consider the trends and developments in the economic, social and institutional context.
- To provide adequate preconditions for smooth, quick and adequate adaptation to professional or academic careers in today’s dynamic and globalising working and learning environment.
- To develop and advance skills and competencies that are required for executing research based and professional analysis in economics and finance and for reasoning one’s point of view in arguments about the economic issues.
- To provide high-level academic foundation that enables graduates to continue their studies at master’s level. Show more...
Learning outcomes of the study programme
Upon successful completion of the curriculum, the graduate:

has acquired a systematic overview of the foundations of economics, main theories and research methods, relationship between economic processes and their links with societal processes and relevant knowledge for continuing studies at the master’s level;
- demonstrates broad-scale and specific knowledge in the field of specialization; knows how economy and its components interact and is aware of perspective developments, trends and current issues that enable the graduate to take up employment in the local or international economic environment with prospects for professional growth;
- understands the need for applying inter- and transdisciplinary knowledge in analysing economic processes and is able to make use of the acquired expertise;
- proficiently applies a professional methodological approach to synthesizing and resolving economic problems, is willing to participate in teamwork and is capable of managing the team;
- has gained excellent verbal and written communication skills, and is good at information and communication technologies that enable the graduate to contribute to the discussions regarding economic issues both orally and in writing in the language of instruction and in at least one foreign language;
- knows how to consider scientific, social and ethical issues within professional activities and how to assess their implications on society. Show more...
Graduation requirements
Completion of the curriculum in the required amount, and the
successful defence of the graduation paper or taking the final exam in conformity with the requirements set by the TalTech Senate. In order to obtain Cum Laude diploma the graduation paper must be defended or the final exam taken for the grade "5" and the weighted average grade must be at least 4,600, where all grades from diploma supplement are taken into account. Show more...
Degrees conferred
Bachelor of Arts in Social Sciences
Study programme version structure :
Module type
total ECTS credits
General studies
18.0
Core studies
117.0
Special studies
27.0
Free choice courses
6.0
Graduation thesis
12.0
Graduation exam
12.0
Total
180.0
  • +
       MAIN SPECIALITY 5: economic analysis
    • +
         MODULE: General Studies 18.0 ECTS credits (General studies)
      Aims
      - Develop entrepreneurial skills and basic knowledge in political economy, taxation and general principles of law

      - Offer opportunities to improve basic competences in foreign language communication skills and philosophy and logic, as well as in personal finance
      - Develop knowledge in natural sciences.       Show more...
      Learning outcomes
      The student:
      - Knows the basic processes, terminology, developments and culture of entrepreneurship in its different forms

      - Knows recent trends in political economy, and can critically read economic news
      - Knows the basic principles of the tax system and taxation
      - Has systematic knowledge in environmental and natural resource economics
      - Is able to recognise legal context and consequences of various activities based on examples studied       Show more...
      Compulsory courses:
      Course title
      Course code
      ECTS credits
      Hours per week
      Lectures
      Practices
      Exercises
      E/P-F.Ass./ Gr.Ass.
      Teaching semester
      Taxation
      TAF0055
      3.0
      4.0
      2.0
      0.0
      2.0
      E
      S2
      Political Economy
      TET0060
      3.0
      2.0
      1.0
      0.0
      1.0
      E
      S
      Introduction to Entrepreneurship
      TMJ0140
      6.0
      4.0
      1.0
      0.0
      3.0
      E
      SK
      Total: 12.0 ECTS credits
      Elective courses:
      Course title
      Course code
      ECTS credits
      Hours per week
      Lectures
      Practices
      Exercises
      E/P-F.Ass./ Gr.Ass.
      Teaching semester
      Philosophy and Logic
      HHF1011
      3.0
      2.0
      1.0
      0.0
      1.0
      E
      S
      Academic Communication in English
      HLI0070
      3.0
      2.0
      0.0
      2.0
      0.0
      E
      SK
      Foundations of Law
      HOX6061
      3.0
      2.0
      1.5
      0.0
      0.5
      A
      SK
      Personal finance
      TER0520
      3.0
      1.5
      1.0
      0.0
      0.5
      E
      S
      The fundamentals of science-based health behaviour
      YTD0017
      3.0
      2.0
      1.5
      0.0
      0.5
      A
      K
      Total: at least 6.0 ECTS credits
    • +
         MODULE: Economic Analysis Methods and IT 30.0 ECTS credits (Core studies)
      Aims
      - Provide basic knowledge of mathematical models in economics and of quantitative methods for studying economic problems and IT solutions.

      - To develop students' economic and financial modelling skills
      - To develop core competencies in ICT       Show more...
      Learning outcomes
      The student:
      - Is able to use correlation and regression analysis in the study of economic phenomena

      - Is able to solve simple differential equations
      - Is able to apply economic and financial modelling techniques in practice
      - Knows dynamic analytical systems for describing economic processes
      - Knows and is able to use the fundamental concepts of linear algebra
      - Is able to make and solve linear planning tasks
      - Is able to construct mathematical models for conflict situations and to solve these       Show more...
      Compulsory courses:
      Course title
      Course code
      ECTS credits
      Hours per week
      Lectures
      Practices
      Exercises
      E/P-F.Ass./ Gr.Ass.
      Teaching semester
      Data Processing
      IDK1615
      6.0
      4.0
      2.0
      2.0
      0.0
      E
      SK
      Mathematics for Economics I
      TEM0240
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      S
      Mathematics for Economics II
      TEM0250
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      K
      Financial Modelling
      TER0570
      6.0
      5.0
      0.0
      0.0
      5.0
      E
      K1
      Statistics
      TES0020
      6.0
      4.0
      2.0
      2.0
      0.0
      E
      SK
      Total: 30.0 ECTS credits
    • +
         MODULE: Economics and Applications 42.0 ECTS credits (Core studies)
      Aims
      - Provide systematic knowledge and skills for the analysis of microeconomic events and processes

      - Provide knowledge on the principles and mechanisms of the functioning of the macro economy using relevant models
      - Provide knowledge in public economics and in international economics       Show more...
      Learning outcomes
      The student:
      - Knows key terminology of micro- and macroeconomics and economic regularities

      - Knows and is able to use and interpret macroeconomic indicators and explain relationships and causes of macroeconomic processes
      - Has an underlying knowledge in public economics, international economics
      - Has an understands the essence of micro and macro level economic models and can apply related verbal, graphic and logical analysis
      - The student has a systematic understanding of the issues related to public economics and international economics
      - Has obtained economic thinking skillas and an ability to explain the bahaviour of economic agents       Show more...
      Compulsory courses:
      Course title
      Course code
      ECTS credits
      Hours per week
      Lectures
      Practices
      Exercises
      E/P-F.Ass./ Gr.Ass.
      Teaching semester
      Microeconomics I
      TET0010
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      S
      Macroeconomics I
      TET0020
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      K
      Macroeconomics II
      TET0065
      6.0
      3.0
      1.5
      0.0
      1.5
      E
      S
      Microeconomics II
      TET0070
      6.0
      3.0
      1.5
      0.0
      1.5
      E
      SK
      International Economics
      TET0130
      6.0
      3.0
      1.5
      0.0
      1.5
      E
      K
      Public Economics
      TET0140
      6.0
      3.0
      2.0
      0.0
      1.0
      E
      K
      Environmental and natural resource economics
      TME0060
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      K
      Total: 42.0 ECTS credits
    • +
         MODULE: Elective Courses 21.0 ECTS credits (Core studies)
      Aims
      - The module provides students with a possibility to choose
      subjects according to her/his special interests and future specialisation preferences       Show more...
      Learning outcomes
      The student has obtained knowledge and abilities connected to
      the student´s special interests according to his/her future specialisation preferences       Show more...
      Elective courses:
      Course title
      Course code
      ECTS credits
      Hours per week
      Lectures
      Practices
      Exercises
      E/P-F.Ass./ Gr.Ass.
      Teaching semester
      techEstonia - Innovation Lab of an Entrepreneurail State
      HHI0132
      6.0
      4.0
      2.0
      0.0
      2.0
      A
      SK
      Rhetoric and Debating
      HHM1155
      3.0
      2.0
      1.0
      0.0
      1.0
      E
      K
      Contract and Company Law
      HOE6060
      6.0
      4.0
      3.0
      0.0
      1.0
      A
      SK
      Introduction to Data Bases
      IDU1606
      6.0
      4.0
      2.0
      2.0
      0.0
      E
      K
      Management and Leadership
      MMO3010
      6.0
      4.0
      1.0
      1.0
      2.0
      E
      S
      Financial Accounting for Financial Manager
      TAF0080
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      S
      Management Accounting
      TAK0010
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      S
      Critical Thinking and Argumentation
      TSK0014
      3.0
      2.0
      2.0
      0.0
      0.0
      H
      S
      Total: at least 21.0 ECTS credits
    • +
         MODULE: Finance and Accounting 24.0 ECTS credits (Core studies)
      Aims
      - Develop competencies in accounting and finance
      - Provide an overview of accounting aspects in managerial and investment decision making

      - Provide basic knowledge on the theories of finance, company financial indicators and financial environment       Show more...
      Learning outcomes
      The student:
      - Knows the main terms and theory of finance, fundamentals of securities analysis and understands the factors underlying the value of companies and investments

      - Is able to interpret financial information and make management and investment decisions on the basis of that information
      - Is able to prepare financial statements on the base level
      - Is able to analyse company financial information and simple investment projects
      - Is able to find the value of simple financial instruments       Show more...
      Compulsory courses:
      Course title
      Course code
      ECTS credits
      Hours per week
      Lectures
      Practices
      Exercises
      E/P-F.Ass./ Gr.Ass.
      Teaching semester
      Introduction to Accounting
      TAF0070
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      K
      Basics of Finance
      TER0440
      6.0
      4.0
      2.0
      0.0
      2.0
      E
      S
      Money, Financial Institutions and Markets
      TER0550
      6.0
      3.0
      1.5
      0.0
      1.5
      E
      K
      Financial Management
      TER0560
      6.0
      3.0
      1.5
      0.0
      1.5
      E
      S
      Total: 24.0 ECTS credits
    • +
         MODULE: Economic Analysis Special Studies 27.0 ECTS credits (Special studies)
      Aims
      - To provide basic knowledge needed for working in economic analysis or in a related field,
      and skills for applying acquired knowledge in practice and in the course of possible subsequent studies
      - Provide basic knowledge in the theory of econometrics, methods used in econometrics and the main econometric models
      - To introduce conceptual basis and key methods/applications of applied economic analysis
      - Increase knowledge in the applications of economic theory
      - Develop independent analysing and synthesising skills in solving economic problems
      - To provide primary experience in conducting economic research       Show more...
      Learning outcomes
      The student:
      - Has basic knowledge needed for working in the field of economic analysis or in a related field,
      and is able to apply acquired knowledge in practice and in the course of possible subsequent studies
      - Knows the basic concepts of applied economics and is able to analyse these critically
      - Knows the basic theories of econometrics
      - Knows the econometric models, is able to use them for modelling economic processes in different time periods
      - Is able to apply appropriate analysis and/or modelling methods for solving a practical economic problem and possesses skills for the argumentation and presentation of analysis results
      - Is able to find needed information and use relevant methods for independent research
      - Is able to improve his/her knowledge and to continue his/her studies
      - Is able to conduct independent research: set up a research problem, collect and analyse data, draw substantiated conclusions and defend these       Show more...
      Compulsory courses:
      Course title
      Course code
      ECTS credits
      Hours per week
      Lectures
      Practices
      Exercises
      E/P-F.Ass./ Gr.Ass.
      Teaching semester
      Bachelor Thesis Seminar
      MEC3010
      3.0
      2.0
      0.5
      0.0
      1.5
      A
      SK
      Empirical Research Methodology
      TEM0050
      6.0
      3.0
      1.0
      0.0
      2.0
      E
      S
      Econometrics
      TES0040
      6.0
      3.0
      1.5
      1.5
      0.0
      E
      S
      Applied Economic Analysis
      TET0090
      6.0
      3.0
      1.5
      0.0
      1.5
      E
      S
      Professional Training (Internship)
      TEX001P
      6.0
      0.0
      0.0
      0.0
      0.0
      A
      SK
      Total: 27.0 ECTS credits
    • +
         MODULE: Free Choice Courses 6.0 ECTS credits (Free choice courses)
      Aims
      The module provides students with a possibility to choose subjects according to his/her special interests.
      Learning outcomes
      Knowledge and competencies connected to the student's special interests.
    • +
         MODULE: Graduation Thesis 12.0 ECTS credits (Graduation thesis)
      Aims
      Provide students an experiences in writing an independent research
      paper dealing with and solving a topical economic problem; as well as develop skills for using theoretical knowledge and methodological approaches for addressing applied research problems on the level of academic bachelor degree       Show more...
      Learning outcomes
      The student:
      - formulates a research problem corresponding to the main speciality, sets the aim of the thesis and defines research questions/tasks/hypotheses

      - chooses appropriate scientific and field-specific literature, analyses and synthesizes their content;
      - chooses appropriate methodology to fulfill the aim of the thesis
      - collects, processes and analyses relevant information
      - uses professional knowledge to solve the research problem, interpret the results and provide conclusions;- formats the thesis according to pre-set requirements using scientific language and professional terminology and following proper citing principles;
      - presents and justifies one`s viewpoints in both written and oral form.       Show more...
    • +
         MODULE: Final Exam 12.0 ECTS credits (Graduation exam)
      Aims
      The aim of the final exam is to:
      - provide an experiences in solving a topical economic problem;

      - demonstrate the student's knowledge accumulated in all compulsory courses;
      - develop skills for using theoretical knowledge and methodological approaches for addressing applied research problems on the level of academic bachelor degree.       Show more...
      Learning outcomes
      After passing the final exam the student:
      - chooses appropriate scientific and field-specific literature, analyses and synthesizes their content;

      - chooses appropriate methodology to fulfill the aim of quantitative data analysis;
      - collects, processes and analyses relevant information
      - uses professional knowledge to solve the research problem, interpret the results and provide conclusions;
      - formats the thesis according to pre-set requirements using scientific language and professional terminology and following proper citing principles;
      - presents and justifies one`s viewpoints in both written and oral form.       Show more...
      Compulsory courses:
      Course title
      Course code
      ECTS credits
      Hours per week
      Lectures
      Practices
      Exercises
      E/P-F.Ass./ Gr.Ass.
      Teaching semester
      Final Exam (final examination)
      MEC3030
      12.0
      0.5
      0.0
      0.0
      0.5
      E
      SK
      Total: 12.0 ECTS credits
    • +
         STANDARD STUDY PLAN: Autumn daytime study
      • +
           1st Semester
      • +
           2nd Semester
      • +
           3rd Semester
      • +
           4th Semester
      • +
           5th Semester
      • +
           6th Semester
  • +
       MINOR SPECIALITY MODULE: Applied Economics
    Aims
    - To enable students who are not enrolled in the TAAB program to acquire knowledge,
    skills and attitudes for successful career in public and/or private sector and for continuation of studies on higher academic levels
    - Provide bachelor degree education, which guarantees the required competences for a successful career in public and private sector
    - Provide an understanding about the functioning of the economic systems and ability to account for the trends and developments in economy, the social processes, political-legislative and cultural aspects of society
    - Provide prerequisites for a smooth, quick and adequate adaptation in professional or academic career in a dynamic and globalising environment     Show more...
    Learning outcomes
    The student:
    - Has systematic knowledge of the concepts of economics and economic research methods, relationships between economic processes and processes in the society

    - Has broad-based professional knowledge of economics and functioning of its components, development trends and topical problems
    - Understands the need to use inter- and transdisciplinary knowledge for analysing economic processes and, where necessary, is able to use the respective expertise
    - Is able to synthesise and suggest various solutions to economic problems using special methods; is ready to participate in teamwork and to manage it     Show more...
    Compulsory courses:
    Course title
    Course code
    ECTS credits
    Hours per week
    Lectures
    Practices
    Exercises
    E/P-F.Ass./ Gr.Ass.
    Teaching semester
    Introduction to Accounting
    TAF0070
    6.0
    4.0
    2.0
    0.0
    2.0
    E
    K
    Basics of Finance
    TER0440
    6.0
    4.0
    2.0
    0.0
    2.0
    E
    S
    Econometrics
    TES0040
    6.0
    3.0
    1.5
    1.5
    0.0
    E
    S
    Microeconomics I
    TET0010
    6.0
    4.0
    2.0
    0.0
    2.0
    E
    S
    Macroeconomics I
    TET0020
    6.0
    4.0
    2.0
    0.0
    2.0
    E
    K
    Political Economy
    TET0060
    3.0
    2.0
    1.0
    0.0
    1.0
    E
    S
    Applied Economic Analysis
    TET0090
    6.0
    3.0
    1.5
    0.0
    1.5
    E
    S
    International Economics
    TET0130
    6.0
    3.0
    1.5
    0.0
    1.5
    E
    K
    Total: 45.0 ECTS credits