Economics

Number

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