Microeconomics and Macroeconomics
This course aims to provide students with an understanding of key concepts of microeconomics and macroeconomics. It will introduce students to the definitions and relevant models applied and thus help them understand, analyse and assess the causes and effects of national and international events and political decisions taken or discussed. The course will enable students to gain an insight into human and organisational economic behaviour and the importance of incentives and powers in force in the various types of markets.
• Definitions in microeconomics and macroeconomics
• Supply and demand; curves, shifts, substitutes and complementary goods; market equilibrium
• Elasticity: price, income, cross price
• Types of market: Competitive economy, monopoly, oligopoly, monopolistic competition
• Economic cycle and groups of economic actors
• GDP, unemployment, and inflation
• Money: functions, money supply, types of money, monetary policy
• Trade and exchange rates
On successful completion of this course, the student will be able to:
- demonstrate a critical awareness and understanding of Microeconomics and Macroeconomics 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 (Microeconomics and Macroeconomics)
- 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 Microeconomics and Macroeconomics 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. Students can participate in LIVE course sessions and get in direct contact with the lecturers. 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 Microeconomics and Macroeconomics homework and assesses all learning outcomes. As a master-level assignment, the homework 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 thehomework, 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.