Facility & Real Estate Management PT
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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


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

recommended or required reading

• Krugman, P., R., Wells, 2017. Volkswirtschaftslehre. 2nd edition. Munich: Schäffer Poeschel
• Pirounakis, N., 2013. Real Estate Economics: A Point-to-Point Handbook. UK: Routledge.
• Maier, G., F., Tödtling, 2012. Regional- und Stadtökonomik 1: Standorttheorie und Raumstruktur. 5th edition. Vienna: Springer
• Maier, G., F., Tödtling, 2012. Regionalentwicklung und Regionalpolitik. 4th edition. Vienna: Springer
• Rottke, N., M., Voigtländer, 2017. Immobilienwirtschaftslehre – Ökonomie. Wiesbaden: Gabler Verlag

assessment methods and criteria

Term paper and presentation

language of instruction


number of ECTS credits allocated


eLearning quota in percent


course-hours-per-week (chw)


planned learning activities and teaching methods

Blended Learning

semester/trimester when the course unit is delivered


name of lecturer(s)

Director of Studies

course unit code


type of course unit

integrated lecture

mode of delivery


work placement(s)