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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

Obligatory

Course code

21-00-505

Semester

2

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.

Literature

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

Recommended 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.

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.

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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