Basics of business economics

Module title:

Basics of business economics

Module overview:

The aim of this course is to enable students to:
explain the basic elements of the economic system and their interplay and their impact on business
analyse factors influencing market conditions, consumer behaviour, and the operations of business entities
evaluate the impact of macroeconomic factors and trends on business
align business operations with global trends and opportunities for business development provided by the institutional framework.

It is important for students to attend this course as they will need to adapt to the market and market trends in their profession, whether they work in a business organization as an employee of that organization or work independently as an external collaborator. Every business activity is oriented towards the market, so it is crucial to understand the elements that influence market conditions and the behaviour of different market participants. It is essential to learn how to create content that will be market successful. Additionally, it is important to recognize macroeconomic and global factors and trends that require business adaptation. 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 positions as multimedia professionals.
In this course students will learn:
which elements constitute the economic system and how they mutually influence each other
what the market is and how supply and demand create market relationships
to explain the fundamental factors influencing consumer behavior
the factors crucial for making production decisions and how it is possible to optimize costs
to interpret macroeconomic factors and their values and how they impact business
to devise ways to align business strategy with global trends
to recognize opportunities for financing business ideas and projects within the existing institutional framework

Literature:

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

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. DK (2018) The Economics Book: Big Ideas Simply Explained. [s.l.] DK.