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Basics of business economics

  • Class 30
  • Practice 15
  • Independent work 75
Total 120

Course title

Basics of business economics

Lecture type

Elective

Course code

22-01-513

Semester

3

ECTS

4

Lecturers and associates

Course overview

The objectives 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 undergraduate studies, students may work in the economy, 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.

Literature

Essential reading:
1. Samuelson, P.A. and Nordhaus, W.D. (2009) Economics. [s.l.] McGraw-Hill Education.
Recommended reading:
2. Mankiw, N.G. (2011) Principles of Economics. [s.l.] Cengage Learning
3. Pindyck, R.S. i Rubinfeld, D.L. (2012) Microeconomics.8th edn. [s.l.] Pearson.

Further reading:
1. Raworth, K. (2018) Doughnut Economics: Seven Ways to Think Like a 21st Century Economist. [s.l.] Chelsea Green Publishing.
2. Sowell, T. (2014) Basic Economics.5th edn. [s.l.] Basic Books.
3. DK (2018) The Economics Book: Big Ideas Simply Explained. [s.l.] DK.
4. Hazlitt, H. (1988) Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics. [s.l.] Currency.

Download student guide

Minimal learning outcomes

  • Present the basic elements of the economic system.
  • Explain market, supply, demand and the concept of elasticity of supply and demand.
  • Analyse the factors influencing consumer behaviour and producer decisions.
  • Explain the characteristics of production inputs.
  • Explain the interaction of macroeconomic objectives, instruments and indicators.
  • Explain the impact of various factors on economic growth and development.

Preferred learning outcomes

  • Analyse the interaction of the basic elements of the economic system.
  • Evaluate the impact of various factors on market decisions, supply, demand and on the elasticity of supply and demand.
  • Interpret how different factors influence consumer behaviour and producer decisions.
  • Compare the characteristics of production inputs.
  • Analyse the impact of elements of economic activity on the economic results of the economy.
  • Analyse different strategies of economic growth and development.
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