Economics
Module profile
Programme
Module no./code, Module name
Module 14 / ECO, Economics
Duration
1 Semester
Frequency
nur Wintersemester
ECTS credits
7 Credits
Type of module
Pflichtmodul
Language(s) of instruction
Englisch
Language(s) of examination
Englisch
Study mode
- Vollzeit
Courses of the module
| Name | Course type | Credit hours | Links |
|---|---|---|---|
| Introduction to Microeconomics | Seminaristischer Unterricht | 2 Credit hours | n/a |
| Introduction to Macroeconomics | Seminaristischer Unterricht | 2 Credit hours | n/a |
Workload
Total workload
180 h
Attendance time
45 h
Self-study time
90 h
Exam preparation
45 h
Organisation and Exam
Module manager
Prof. Dr. Marcus Klemm
Lecturer(s)
- Prof. Dr. Marcus Klemm
- Prof. Dr. Alexander Steinmetz
Teaching and learning formats
Tuition in Seminars accompanied by individual and joint classroom exercises and case studies
Applicability
By covering essential micro-and macroeconomic concepts and relationships, this module provides the basics for most business and economics courses and advanced studies. In BIM the knowledge is used in Module 18 Supply Chain and Information Processing and in 24 to 27 Focus.
Programme semester
3. Semester
Particular conditions for admission (to exam)
Written exam (120 min); Multiple Choice: possible; Auxiliary material: dictionary, non-programmable pocket calculator
Condition for award of ECTS credits
- schriftliche Prüfung
Duration of exam
120 Minuten
Weighting factor of module grade
Factor 1
Contents, Learning Outcomes & Literature
Module contents
Microeconomics: The students are introduced to fundamentals and applications of microeconomics.
- Basic economic thinking
- Fundamentals of trade
- Demand, supply and the market mechanism
- Elasticities and their applications
- Welfare economics
- Markets and competition
- International trade
Macroeconomics: The students are introduced to basic macroeconomic concepts and issues.
- Basics of economic history and policy
- Macroeconomic objectives and indicators
- Circular flows within economies
- Importance of real economic developments
- Importance of the monetary and financial system
- Fundamentals of open-economy macroeconomics
Learning outcomes
Level: Reproduction
The students...
- know fundamental microeconomic principles and concepts
- know important macroeconomic relationships and indicators
Level: Knowledge an Comprehension
The Students...
- recognize the core characteristics of micro- and macroeconomic problems
- understand the essential economic principle of how markets organise the allocation of scarce resources
- comprehend the fundamental effects and gains of (international) trade
- are aware of the limitations of economic models
Level: Problem Solving
The Students...
- analyse and discuss concrete problems using economic reasoning
- interpret economic data and information for qualified decisions
Literature and other material
Mankiw, N.G.; Taylor, M.P.: Economics. Cengage Learning, current ed.
Additional literature can be provided during the semester, especially with regard to current economic questions.