Introduction to VWL
Niveau
Introduction
Learning outcomes of the courses/module
Students are able to
• name the essential components of a market model and discuss the market equilibrium as an interaction of supply and demand.
• identify the determinants of consumer demand and explain how they respond to external factors such as changes in income.
• explain both the potentials and the limitations of market models based on real-world markets, for example the housing or labor market, and to buttress abstract models with real-life examples.
• understand production decisions in companies and interpret the influences of market structures on price setting.
• examine and critically evaluate current developments on the basis of models.
• name the essential components and institutions of a national economy and explain how they function.
• identify macroeconomic indicators such as gross domestic product or consumer price index and explain their meaning.
• conduct independent research on indicators important for economic growth and inflation and to present current developments in this regard.
• name the essential components of a market model and discuss the market equilibrium as an interaction of supply and demand.
• identify the determinants of consumer demand and explain how they respond to external factors such as changes in income.
• explain both the potentials and the limitations of market models based on real-world markets, for example the housing or labor market, and to buttress abstract models with real-life examples.
• understand production decisions in companies and interpret the influences of market structures on price setting.
• examine and critically evaluate current developments on the basis of models.
• name the essential components and institutions of a national economy and explain how they function.
• identify macroeconomic indicators such as gross domestic product or consumer price index and explain their meaning.
• conduct independent research on indicators important for economic growth and inflation and to present current developments in this regard.
Prerequisites for the course
English version will be available soon
Course content
Core topics:
• Economic thinking and marginal analysis
• Efficient allocation of scarce resources
• The market model and market equilibrium
• Macroeconomic variables (GDP, inflation, and unemployment) and their interrelationships
Selected macroeconomics issues:
• Elasticity and welfare
• Cost functions and optimal corporate production
• Price setting and market structures
• Short-term macroeconomic fluctuations: The business cycle
• Money, the ECB, and inflation
• Long-term economic growth
• International relations and trade
• Economic thinking and marginal analysis
• Efficient allocation of scarce resources
• The market model and market equilibrium
• Macroeconomic variables (GDP, inflation, and unemployment) and their interrelationships
Selected macroeconomics issues:
• Elasticity and welfare
• Cost functions and optimal corporate production
• Price setting and market structures
• Short-term macroeconomic fluctuations: The business cycle
• Money, the ECB, and inflation
• Long-term economic growth
• International relations and trade
Recommended specialist literature
• Pindyck, R. S., & Rubinfeld, D. L. (2018). Mikroökonomie. Pearson Deutschland GmbH
• Varian, H. R. (2014). Grundzüge der Mikroökonomik. Walter de Gruyter GmbH & Co KG.Deutschland GmbH.
• Münter, M.T. (2018), Mikroökonomie, Wettbewerb und strategisches Verhalten. UTB GmbH
• Natrop, J. (2012). Grundzüge der angewandten Mikroökonomie. Walter de Gruyter GmbH & Co KG.Deutschland GmbH
• Varian, H. R. (2014). Grundzüge der Mikroökonomik. Walter de Gruyter GmbH & Co KG.Deutschland GmbH.
• Münter, M.T. (2018), Mikroökonomie, Wettbewerb und strategisches Verhalten. UTB GmbH
• Natrop, J. (2012). Grundzüge der angewandten Mikroökonomie. Walter de Gruyter GmbH & Co KG.Deutschland GmbH
Assessment methods and criteria
written exam
Language
German
Number of ECTS credits awarded
2
Share of e-learning in %
15
Semester hours per week
1.0
Planned teaching and learning method
Lecture, group work, case studies, discussions
Semester/trimester in which the course/module is offered
1
Name of lecturer
English version will be available soon
Academic year
Key figure of the course/module
WWI2
Type of course/module
lecture
Type of course
Compulsory
Internship(s)
not applicable