Basics of business economics

Module title:

Basics of business economics

Module overview:

The aim of this module is to enable students to learn:
• explain the basic elements of the economic system and their interaction and impact on business
• analyse the elements that influence the state of the market, the behaviour of consumers and the activities of business entities
• evaluate the impact of macroeconomic factors and trends on business
• harmonize business with global trends and opportunities for business development provided by the institutional framework

It is important for students to attend this module since they will have to adapt to the market and market trends in their profession, regardless of whether they will work in a business organization as an employee of that organization, or work independently as an external collaborator. Every business activity is aimed at the market, so it is important to know the elements that influence the state of the market and the behaviour of different market participants. At the same time, it is important to learn how to create content that will be successful in the market.

Also, it is important to know how to recognize macroeconomic and global factors and trends that require business adjustments. Ultimately, the global business environment provides opportunities for financing business ideas and projects through the use of the existing institutional framework.
With the acquired knowledge and skills, students can contribute constructively to the creation of business ideas and effectively participate in their realization in the positions of multimedia experts.

Students will learn:
• What elements make up the economic system and how they mutually influence each other
• what is the market and how supply and demand create market relations
• explain what are the fundamental factors that influence consumer behaviour
• factors that are key to deciding on production and how it is possible to optimize costs
• interpret macroeconomic factors and their values and the way they affect business
• devise ways of harmonizing business strategy with global trends
• recognise opportunities for financing business ideas and projects within the existing institutional framework

Literature:

Required reading:

1. Samuelson, P.A. and Nordhaus, W.D. (2009) Economics. [s.l.] McGraw-Hill Education.

Additional reading:

1. Mankiw, N.G. (2011) Principles of Economics. [s.l.] Cengage Learning
2. Pindyck, R.S. i Rubinfeld, D.L. (2012) Microeconomics.8th edn. [s.l.] Pearson.
3. DK (2018) The Economics Book: Big Ideas Simply Explained. [s.l.] DK.