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Modulbeschreibung - Economics
(Volkswirtschaftslehre)

Nummer
vwl
ECTS 3.0
Level intermediate
Overview The module Economics highlights micro- and macroeconomic relations and theories based on specific developments and explains market mechanisms and market participants' behaviors.

Microeconomics:

  • Utilization theory
  • Theory of production
  • Cost theory
  • Short-term supply and demand functions
  • Markets and competition

Macroeconomics:

  • Economic growth
  • Gross domestic product
  • Aggregate demand and supply
  • Changes in producer and consumer prices (inflation, deflation)
  • Interest rates
  • Economic politics
  • Economic development (cyclical developments, locational advantages, distance transaction costs, mobility of single processes, etc.)
Learning objectives Students are able:

  • to explain and assess the functioning of markets, demand and supply (consumption decisions, production, cost theory);
  • to understand and evaluate the advantages and disadvantages of different types of market (complete, incomplete competition) for a company and to identify the necessary potential of action for maximizing profit;
  • to understand and assess conditions for economic growth and causes and effects of unemployment and inflation;
  • to understand the interdependencies of aggregate demand and supply and to draw conclusions on the macroeconomic environment of a company;
  • to understand and assess macroeconomic politics ;
  • to understand the impacts of microeconomic parameters (i.e. cost of capital) on macroeconomics.
Previous knowledge

  • Konvergenz Betriebswirtschaftslehre (kbwl)
Exam format Final written exam
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