With increasing significance, success in business on more complex, especially digital, markets relies on a deeper understanding of the basic conditions of functioning markets and their normative foundations in a modern democratic society. Therefore, this course introduces economics as a key strand of the social sciences, leading to a fundamental understanding not only of the economy but of social phenomena in general. The students develop a critical understanding of the basic concepts underpinning the science of economics in its microeconomic and macroeconomic branches. They also acquire the competency to apply the fundamental concepts and ethical challenges of a market-based economy in democracy to issues of strategic management. The microeconomic unit deals with individual choice under scarcity and with the design of incentives through institutions, including markets for digital commodities where peculiarities on the supply or demand side may play a major role. The macroeconomic unit addresses basic macroeconomic policy issues.

Learning outcomes

Academic: By the end of the course, the students are able to apply fundamental economic concepts to issues they will encounter in business. Soft skills: By the end of the course, the students have acquired a deeper understanding of the ethical foundations of markets, and they are enabled to apply the concepts of individual and corporate responsibilities in practice.
Number of credit hours per week 4
Course eligibility Compulsory
Presence of students On-campus