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Business Economics

Code

GBE-BUE1

Version

2.1

Offered by

Global Business Engineering

ECTS

5

Prerequisites

Students taking this course are assumed to be familiar with:

- Basic math and graphical illustrations of linear curves
- International marketing theory
- Be able to understand and actively use the English
language.

Main purpose

To obtain knowledge of how the firm profit is optimized under different market conditions and be able to analyse how external macroeconomic factors influence company decisions.

Knowledge

The students is introduced to both micro- and macroeconomic tools to help analyse:
  • Firm Demand and Supply
  • Firm Profit maximization (setting optimal price and quantity structure)
  • Aggregate (Market) demand and Supply
  • Macroeconomic tools
  • Economic situations
 

Skills

At the end of this course, and having completed the essential reading and activities, the students should be able to:
  • use appropriate tools to model the company and market situation
  • define and describe how firms’ behavior differs in different market structures and may help to determine those structures
  • define and describe how firms determine price and quantity supplied on the market
  • analyse and assess efficiency and welfare optimality of perfectly and imperfectly competitive markets
  • analyse and asses the effects of externalities and public goods on efficiency
  • analyse and assess government policies aimed at improving welfare.
 

Competences

After the course, the students should be able to:
  • use the most important theories from “Microeconomics” to analyse the  business microeconomic environment
  • understand cost structures of firms and be able to find the optimal price and quantity that will maximize a firm´s profit under different assumptions about market structures
  • use the most important theories from “Macroeconomics” to obtain knowledge on the global macro economy
  • find, criticize and use relevant data on macroeconomics from the Internet for a relevant country
  • analyse and assess the connection between various macroeconomic changes and the significance of the change to the concrete company.

Topics

Teaching methods and study activities

The semester workload equals 137.5 hours of student work.
 
CATEGORY 1
Participation of lecturer and students
Initiated by the lecturer
45 hours-  33%
 
Lectures
  Class tuition
  Case tuition
  Practice of hands-on exercises
  Introduction to written assignments
  Feedback for written assignments
  Oral presentations in class
  Course evaluation
  Examination
 
CATEGORY 2
Participation of students
Initiated by the lecturer
54 hours - 40%
 
Preparation for classes
  Research on weekly challenges
  Answering of written assignments
  Evaluation of the teaching
 
CATEGORY 3
Participation of students
Initiated by students
24 hours - 18 %
 
 Homework and preparation for exams
 Self-study
 Project work
 Study groups
 Literature search
 
CATEGORY 4
Participation of lecturer and students 
initiated by students
12 hours - 9%
 
 Student recap on exercises and weekly challenges
 Study guidance
 

Resources

John Sloman, Elizabeth Jones, Essential Economics for Business 5th edition + relevant articles from periodicals.

Evaluation

Permit criteria for attending examination:

Course assignment handed in before deadline.

Examination

Oral Examination

Individual oral examination without preparation.

Internal Examiner

 Written Examination

Mid semester written exam on Microeconomics only. Weigh 50 % of total Grade

Duration: 2 hours

Allowed tools: Course literature, Personal notes, Laptop.

Please note that re-examinations will be oral only and include both micro and macro economic topics.

Grading criteria

Additional information

Responsible

Susanne Halle Wase (SHWA)

Valid from

8/1/2018 12:00:00 AM

Course type

Business and Management

Keywords