Basics of business economics

Module title:

Basics of business economics

Module overview:

The objective of this module is to enable students to learn to:
present basic elements of micro- and macroeconomics and economic system as a whole
interpret the relationship between different elements of economic system in order to be able to make good economic decisions.

Upon completion of studies and entering the professional work, students may work either as sole proprietors or as part of larger business organizations. They will need to contribute to business solutions and participate in business decision making. Knowing the economy and the way the economic system works will help them make better decisions and thus contribute to better business results.

The importance of this module is reflected in the adoption of an economic mindset and economic skills in general that can be important not only for the business, but also for the private context. Students will gain self-confidence in solving problems based on economic issues and the ability to suggest possible solutions. The economic problems covered in this module are illustrated with real examples and current events, which allows students to identify, analyse and solve such problems in their future careers.
In this module students will learn:
the elements of the economic system and their interaction
how supply and demand create market conditions and why elasticity is important element of economic decision making
how traditional economy explains the behavior of consumers and their consumption
the factors that influence economic decisions of the producers with the emphasis on production costs
what are the objectives of macroeconomic policy, what instruments are used to achieve macroeconomic goals and how macroecnomic success is measured
what government and other institutions do in order to foster economic growth and development and how this is implemented into contemporary economic environment

Literature:

Required readings:
1. Samuelson, P.A. and Nordhaus, W.D. (2009) Economics. [s.l.] McGraw-Hill Education.
2. Samuelson, P.A. and Nordhaus, W.D. (2010) Ekonomija. [s.l.] Mate, Zagreb.

Supplementary readings:
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. Benić, Đ. (2004) Osnove ekonomije, 4. izdanje. Školska knjiga, Zagreb.