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Code
GBE-BUE1
Version
2.0
Offered by
Global Business Engineering
ECTS
5
Prerequisites
Admission requirements for the Global Business Engineering Programme
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
After the course 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 firm’s 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
After the course 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 analyze 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
• analyze and assess the connection between various macroeconomic changes and the significance of the change to the concrete company
Topics
Teaching methods and study activities
The teaching methods will be a combination of class work, pair work, group work and problem based tuition.
The students are expected to participate actively in the lessons
During the course there will be a number of written and oral assignments and presentations of self-studied subjects
Resources
John Sloman, Elizabeth Jones, Essential Economics for Business (latest edtion + relevant articles from periodicals.
Evaluation
Examination
Prerequisites for exam:
None
Exam type:
Two written 2 hours individuals tests each counting for 50 % of the total grade.
The course grade is the rounded average of the grades for the two tests. If the average of the two tests is < 02 the student must take the re-exam for the test(s) with a grade < 02.
Tools allowed:
All – except access to internet
Re-exam:
Same as for original exam.
Grading criteria
Additional information
Responsible
Lars Grunnet Jespersen
Valid from
01-08-2021 00:00:00
Course type
Keywords
Determinants of demand and supply under different market structures. Company supply decisions and price setting. Market failures. Determinants of macroeconomic growth and impact from different macroeconomic policies. Money markets, foreign trade and trade restrictions.