The module aims to provide a broad picture of the economic aspects of business. This comprises an overview of economist’s methods; the logic of consumer behavior and demand as well as the behavior of the firms in differing market environments; market failure / externalities; international trade; basic macroeconomic indicators and policies
Upon completion, the students are familiar with the fundamental microeconomic principles and models that are established to describe, explain and predict economic decision making and the behavior of firms and households on markets. They will be able to assess the economic environment and its relevance as a framework of business. They will be able to apply these principles and models to specific economic problems and contexts.