What it is about
You will receive an introduction to the fundamentals of economics, divided into microeconomics and macroeconomics. You will learn how individual behavior of households and firms leads to market supply and demand, which causes and consequences of market failures exist, and what role government interventions play. At the macro level you will learn how to measure economic growth, inflation and unemployment and which instruments of monetary and fiscal policy can influence fluctuations.
What you will be able to do
- Understand and explain concepts and basic principles of economics
- Analyze household consumption behavior
- Analyze firms' production decisions
- Explain mechanisms of equilibrium formation of supply and demand
- Recognize the relationship between market power and welfare
- Name causes of market failure and explain state intervention options
- Identify determinants of growth, inflation and unemployment
- Analyze fundamental mechanisms of monetary and fiscal policy
What the module consists of
- VorlesungTransmission of the professional content through verbal presentation
- ÜbungApplication of the learned material through exercises and case studies
Teaching method
- Vortrag/Präsentationfor the provision of the content
- Übungen/Fallstudienfor independent application and deepening of the material