Selected Topics Economics

level of course unit

Introduction and consolidation

Learning outcomes of course unit

The students are able to:
• Name the essential components of a market model and discuss market equilibrium as the interaction of supply and demand.
• Name the determinants of consumer demand and explain the response to external factors such as income changes.
• Explain both potentials and limitations of market models based on real markets such as housing or labor markets and extend abstract models with increased realism.
• Understand production decisions in companies and to interpret the influences of market forms on price setting.
• Examine and critically evaluate current developments on the basis of models.
• Name the main components and institutions of an economy and explain how they function.
• Name macroeconomic indicators such as gross domestic product or consumer price index and explain their content.
• Independently research indicators for economic growth and inflation and present current developments.

prerequisites and co-requisites

none

course contents

Core Topics:
• Economic thinking and marginal analysis
• Efficient allocation of scarce resources
• Market model and market equilibrium
• Macroeconomic variables (GDP, inflation and unemployment) and the interrelationships

Selected economics topics:
• Elasticity and welfare
• Cost functions and optimal firm production
• Price setting and market forms
• Short-term economic fluctuations: Business cycle
• Money, the ECB and inflation
• Long-term economic growth
• International relations and trade