| 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 |
