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Business Economics

Code

GBE-BUE1

Version

1.2

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 should be able to
  • Identify and sketch the firm’s demand and supply functions
  • Identify and sketch the optimal price and quantity that maximizes the firms profit
  • Identify and sketch the different market structures
  • Identify and sketch the aggregate demand and Supply for the market / industry
  • Identify the Macroeconomic tools and objectives
  • Identify and describe the different macroeconomic policies

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 company price and output decisions under different market structures
  • analyze and assess efficiency and welfare optimality of perfectly and imperfectly competitive markets
  • analyze and asses the effects of externalities and public goods on efficiency
  • analyze 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 of market structures
  • use the most important theories from “Macroeconomics” to obtain knowledge on the global macro economy
  • 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

Student Activity Model
 
CATEGORY 1
Participation of lecturer and students
Initiated by the lecturer
35 %
  • Lessons, scheduled
  • Excursions
  • Project guidance
  • Laboratory work
  • Exams and tests
CATEGORY 2
Participation of students
Initiated by the lecturer
45 %
  • Assignments, self-study
  • Project and group work
  • Homework and preparation for exams
  • Evaluation of the teaching
CATEGORY 3
Participation of students
Initiated by students
20 %
  •  Homework and preparation for exams
  • Self-study
  • Project work
  • Study groups
  • Literature search
CATEGORY 4
Participation of lecturer and students 
initiated by students
0 %
  • Debate meetings
  • Study guidance
 

Resources

John Sloman, Elizabeth Jones, Essential Economics for Business (latest edition) + relevant articles from periodicals.

Evaluation

Permit criteria for attending examination
  • None

Duration (grading included) app. 20 min / 5 ECTS

Examination

Written examination (TEST)
 
Two tests each of 2 hours duration
 
Allowed tools:
  • Course literature according to the course description
  • Personal notes
  • Laptop
  • Calculator

 

The exam grade will be given from the two tests held during the course which each account for 50% of the final grade.

Re-exam (for both tests) will take place during the re-examination period in February.

Grading criteria

Tests account for 100 % of final grade

Additional information

The course must be passed with maximum three test attempt. 

Responsible

Susanne H. Wase (SHWA)

Valid from

9/1/2019 12:00:00 AM

Course type

Business and Management

Keywords