Introduction to Economics

first cycle, Bachelor

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.

not applicable

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

Blanchard, O. (2017): Makroökonomie. 7. Auflage. Pearson. Mankiw, N.G. (2018): Grundzüge der Volkswirtschaftslehre. 7. Auflage. Schäffer-Poeschel. 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. 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. Erweiterte Literatur: Kahneman, D. (2012). Schnelles Denken, langsames Denken. Siedler Verlag. Rifkin, J. (2014). Die Null-Grenzkosten-Gesellschaft: Das Internet der Dinge, kollaboratives Gemeingut und der Rückzug des Kapitalismus. Campus Verlag. Thiel, P., & Masters, B. (2014). Zero to one: Wie Innovation unsere Gesellschaft rettet. Campus Verlag. Fachzeitschriften: Betriebswirtschaftliche Forschung und Praxis (BFuP); Zeitschrift für Betriebswirtschaft (zfB); Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung (ZfBF); Journal of Business and Economics (JBE); Wirtschaftswissenschaftliches Studium (WiSt); BC-Zeitschrift für Bilanzierung, Rechnungswesen und Controlling; Die Wirtschaftsprüfung (WpG); Zeitschrift Führung + Organisation (ZFO); Harvard Business Manager; Der Betriebswirt; Der Betrieb, Strategic Management Journal (SMJ)

Written exam

German

4

20

2.0

Integrated course, case studies, discussion, group work, presentations

2

Team SCEM

first year of studies

vz.WIR.3

integrated lecture

Compulsory

not applicable