This course is designed to provide students with an overview of business economics. In contrast to macroeconomics and microeconomics, business economics focuses on the company and is concerned with effective resource application within the firm. Business economics in general deals with planning, organisational and analytical decisions. The course provides students with knowledge of productive factors, internal/external stakeholders, form of organisation, company aims, strategies, financial ratio and decision theories. Students will gain an understanding of how firms function and also develop a foundation of knowledge and skills relevant for other areas of business and management such as accounting, business law and marketing.
• Subject matter and background of business economics, key terms, distinction between business economics and macro/microeconomics;
• Main productive factors, production function, markets;
• Companies in socio-economic context, impact of internal/external stakeholders (e.g employees, suppliers);
• Legal forms (sole traders, partnership, corporation, limited liability companies), distinction concerning formation, liability, trade law, tax law, social security, commercial register
• Quantitative data (financial ratios): productivity, liquidity, profitability, capital ratio, dept ratios, etc.
• Decision theories: normative and descriptive decision theory, kinds of decisions that need to be based on a theory, alternatives to decision theory
On successful completion of this course, the student will be able to:
- demonstrate a critical awareness and understanding of Business Economics at the bachelor's level that provides a basis for developing and/or applying new ideas, often within a research context.
- apply knowledge, critical understanding, and problem-solving abilities in new or unfamiliar environments within broader (or multidisciplinary) contexts related to their field of study (Business Economics)
- assimilate knowledge and formulate opinions with incomplete or limited information, but that include a reflection on social and ethical responsibilities.
- communicate their assumptions, and knowledge regarding Business Economics and the rationale underpinning these, to specialist and non-specialist audiences clearly and unambiguously.
- use the acquired skills to allow them to continue to study in a manner that may be largely self-directed and autonomous.
- integrate knowledge from other courses of the master program and practical business and formulate critical judgments with incomplete data.
The course is offered as self-study in e-learning. The learning material is provided in the form of lectures, literature, and lecture notes. Independent learning is required. In the case of paper submissions, further research is expected in compliance with the given scientific standard. LIVE course sessions are offered to support the students with questions regarding the content. Students are supported in their scientific work by corresponding online seminars.
All lectures and learning materials are made available in the online campus GHU Campus. All lectures are recorded and are available for download 24/7. The lecture notes, as well as additional material provided by the lecturer, can also be accessed in the GHU Campus.
Documents for exam preparation consisting of lectures and lecture notes. Additional material provided by the lecturer serves as independent files and can be used to work on the exams. The examination comprises theory questions, reflection, and case study and is intended to confirm all learning objectives.
The assessment consists of a 5000-word Business Economics essay and assesses all learning outcomes. As a master-level assignment, the essay requires a command of a complex and specialized area of knowledge and skills. This implies that, in addition to demonstrating a sound grasp of the ideas and concepts relevant to the topic of theessay, students will show that they can evaluate aspects such as conventions of approaches, their internal consistency, relevance, and applicability, as well as strengths and weaknesses.
To reach an assessment, students will consider competing approaches and draw on critiques put forward in scholarly literature. The position adopted in the assignment and any claims made must be based on a careful, coherent, and logical arguments, need to be appropriately supported with evidence from relevant scholarly sources, and should be presented in a coherent piece of writing. Sources must be referenced appropriately in-text and in a quote/reference list as set out in the GHU Referencing Guidelines.