Fundamentals of Economics

Introduction

The participants:
• define key terms and basic terminology of business administration, economics and accounting.
• explain the basic structures and functions of companies as well as how markets work.
• describe the essential principles of cost accounting, financial reporting and budgeting.
• apply basic economic models such as supply and demand or market equilibrium to real-world problems.
• analyze economic scenarios using management, marketing and financial models.
• prepare simple financial reports and interpret balance sheets as well as income statements.
• evaluate investment and financing alternatives using common financial metrics such as net present value and internal rate of return.
• assess the efficiency of business processes and organizational structures.
• integrate knowledge of business administration, economics and accounting in order to support well-founded decisions.

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Introduction to business administration:
- Definition and objectives of business administration
- Legal and organizational forms of companies
- Management functions: planning, organising, leading, controlling
- Fundamentals of corporate governance and business ethics
Marketing & sales:
- Fundamentals of marketing and market segmentation
- Marketing mix: product, price, place, promotion
- Market research and consumer behavior
Human resource management:
- Workforce planning, recruitment and personnel development
- Motivation and leadership theories
- Performance appraisal and compensation
Procurement, production, logistics:
- Fundamentals of supply chain management
- Procurement and sourcing strategies
- Production systems and inventory management
Fundamentals of economics:
- Microeconomics: supply, demand and market equilibrium
- Elasticities, cost and production theory
- Macroeconomics: GDP, inflation, unemployment, fiscal and monetary policy
- Economic systems and world trade
Accounting and financial management:
- Introduction to double-entry bookkeeping
- Balance sheet, income statement and cash flow statement
- Cost and activity accounting (cost types, cost centers, costs)
- Investment appraisal (static and dynamic methods)
- Financing: equity and debt financing, capital structure

- Atrill, P., & McLaney, E. (2022). Accounting and finance for non-specialists (12th ed.). Pearson.
- Kotler, P., & Keller, K. L. (2022). Marketing management (16th ed.). Pearson.
- Sloman, J., Garratt, D., & Guest, J. (2023). Economics for business (9th ed.). Pearson.

Portfolio assessment

English

6

Lecture, exercise

1