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Introduction to Applied Economics

level of course unit

1st cycle, i.e., Bachelor’s degree level

Learning outcomes of course unit

Students are able to
- name the essential components of a market model and discuss the market equilibrium as an interaction of supply and demand.
- identify the determinants of consumer demand and explain how they respond to external factors such as changes in income.
- explain both the potentials and the limitations of market models based on real-world markets, for example the housing or labor market, and to buttress abstract models with real-life examples.
- understand production decisions in companies and interpret the influences of market structures on price setting.
- examine and critically evaluate current developments on the basis of models.
- name the essential components and institutions of a national economy and explain how they function.
- identify macroeconomic indicators such as gross domestic product or consumer price index and explain their meaning.
- conduct independent research on indicators important for economic growth and inflation and to present current developments in this regard.

course contents

Core topics:
- Economic thinking and marginal analysis
- Efficient allocation of scarce resources
- The market model and market equilibrium
- Macroeconomic variables (GDP, inflation, and unemployment) and their interrelationships

Selected macroeconomics issues:
- Elasticity and welfare
- Cost functions and optimal corporate production
- Price setting and market structures
- Short-term macroeconomic fluctuations: The business cycle
- Money, the ECB, and inflation
- Long-term economic growth
- International relations and trade

recommended or required reading

Pindyck, R. S., & Rubinfeld, D. L. (2018). Mikroökonomie. Pearson Deutschland GmbH
Varian, H. R. (2014). Grundzüge der Mikroökonomik. Walter de Gruyter GmbH & Co KG.Deutschland GmbH.
Münter, M.T. (2018), Mikroökonomie, Wettbewerb und strategisches Verhalten. UTB GmbH
Natrop, J. (2012). Grundzüge der angewandten Mikroökonomie. Walter de Gruyter GmbH & Co KG.Deutschland GmbH.

Erweiterte Literatur:

Kahneman, D. (2012). Schnelles Denken, langsames Denken. Siedler Verlag.
Rifkin, J. (2014). Die Null-Grenzkosten-Gesellschaft: Das Internet der Dinge, kollaboratives Gemeingut und der Rückzug des Kapitalismus. Campus Verlag.
Thiel, P., & Masters, B. (2014). Zero to one: Wie Innovation unsere Gesellschaft rettet. Campus Verlag.

assessment methods and criteria

final exam

language of instruction


number of ECTS credits allocated


eLearning quota in percent


course-hours-per-week (chw)


planned learning activities and teaching methods

Lecture, group work and discussion

semester/trimester when the course unit is delivered


name of lecturer(s)

Prof. (FH) Karsten Böhm

year of study


recommended optional program components


course unit code


type of course unit


mode of delivery


work placement(s)

not applicable