Business 3: Fundamentals of Economics (E)
Niveau
Bachelor
Learning outcomes of the courses/module
The participants:
• Define key concepts and terminology in business administration, economics, and accounting
• Explain the basic structures and functions of enterprises and markets
• Describe the fundamental principles of cost accounting, financial reporting, and budgeting
• Apply basic economic models (supply and demand, market equilibrium) to real-world problems
• Analyze business cases using management, marketing, and financial frameworks
• Prepare simple financial statements and interpret balance sheets and income statements
• Evaluate investment and financing alternatives using standard financial indicators (NPV, IRR)
• Assess the efficiency of business processes and organizational structures
• Integrate knowledge from business, economics, and accounting to support decision-making in an engineering contex
• Define key concepts and terminology in business administration, economics, and accounting
• Explain the basic structures and functions of enterprises and markets
• Describe the fundamental principles of cost accounting, financial reporting, and budgeting
• Apply basic economic models (supply and demand, market equilibrium) to real-world problems
• Analyze business cases using management, marketing, and financial frameworks
• Prepare simple financial statements and interpret balance sheets and income statements
• Evaluate investment and financing alternatives using standard financial indicators (NPV, IRR)
• Assess the efficiency of business processes and organizational structures
• Integrate knowledge from business, economics, and accounting to support decision-making in an engineering contex
Prerequisites for the course
none
Course content
Business Administration:
- Entrepreneurial Fundamentals: Discussion of business-related topics such as legal forms, purchase contracts and regulations, and commercial registers
- Financing Methods: Introduction to equity financing, restructuring financing, debt financing, and modern financing methods
- Business Plan Development: Business plan development, including financial planning
- Strategic Management: Planning and analysis in strategic management
- Investment Calculation Methods: Calculation techniques for static and dynamic investment
Economics:
- Economic fundamentals: Introduction to the basics of economics
- Market theory and price theory: Exploring market dynamics and pricing
- Microeconomics, Macroeconomics, Network Economics: Foundational concepts in microeconomics, macroeconomics, network economics
- Economic Indicators: Exploration of economic indicators like GDP, HDI, inflation, deflation, and stagflation
Financing:
- Fundamentals of Accounting: Introduction to the basics of accounting
- Cash Accounting: Exploration of cash-based accounting methods
- Cost Accounting Areas: Introduction of different areas within cost accounting, including cost concepts in decision making, cost classification and allocation, COGS, overhead application, conversion cost, and total cost formula
- Cost Accounting for Pricing: Overview of procurement, differential, and sales calculations, as well as actual cost accounting
- Entrepreneurial Fundamentals: Discussion of business-related topics such as legal forms, purchase contracts and regulations, and commercial registers
- Financing Methods: Introduction to equity financing, restructuring financing, debt financing, and modern financing methods
- Business Plan Development: Business plan development, including financial planning
- Strategic Management: Planning and analysis in strategic management
- Investment Calculation Methods: Calculation techniques for static and dynamic investment
Economics:
- Economic fundamentals: Introduction to the basics of economics
- Market theory and price theory: Exploring market dynamics and pricing
- Microeconomics, Macroeconomics, Network Economics: Foundational concepts in microeconomics, macroeconomics, network economics
- Economic Indicators: Exploration of economic indicators like GDP, HDI, inflation, deflation, and stagflation
Financing:
- Fundamentals of Accounting: Introduction to the basics of accounting
- Cash Accounting: Exploration of cash-based accounting methods
- Cost Accounting Areas: Introduction of different areas within cost accounting, including cost concepts in decision making, cost classification and allocation, COGS, overhead application, conversion cost, and total cost formula
- Cost Accounting for Pricing: Overview of procurement, differential, and sales calculations, as well as actual cost accounting
Recommended specialist literature
Atrill, P.; McLaney, E; Accounting and Finance for Non-Specialists; 2022; 12. Auflage
Kotler, P.; Keller, K.L; Markting Management; 2022; 16. Auflage
Sloman, J.; Garratt, D.; Guest, J.; Economics for Business; 2023; 9.Auflage
Kotler, P.; Keller, K.L; Markting Management; 2022; 16. Auflage
Sloman, J.; Garratt, D.; Guest, J.; Economics for Business; 2023; 9.Auflage
Assessment methods and criteria
Portfolio review
Language
English
Number of ECTS credits awarded
6
Semester hours per week
Planned teaching and learning method
Lectures, discussions, case studies, group work
Semester/trimester in which the course/module is offered
3