Economic Principles in a Global Era

Period 1

Course Level: 200

Course Objective

ACADEMIC SKILLS 
After successfully completing this course, the student can

• analyze and demonstrate an understanding of economic problems  from different perspectives (Analysis)
• recognize fundamental structures and to leave out irrelevant information (Abstraction)

BRIDGING THEORY AND PRACTICE 

Students can demonstrate theoretical and empirical knowledge concerning the relevant areas in international business administration

KNOWLEDGE
After successfully completing this course, the student can:

• explain the basic theories, models and concepts of economics in a global context
• make connections between those theories, models, and concepts

APPLICATION
After successfully completing this course, the student can:

• provide practical solutions to a case by applying theory from economics
• select the correct method and / or technique for quantifying, analyzing and solving a specific problem in economics

Course Content

What are the economic fundamentals underlying the modern world economy? How is the world economy organized? During this subject you are invited to look at the world with the eye of the economist: seeing the world as the outcome of many possible alternative outcomes, recognizing the pervasiveness of choice at every level from micro to macro. This course will introduce you to the fundamentals and basic tools of economic analysis. It will teach you the perspective of the economist: viewing reality as the result of choices and the trade-offs that these choices reflect. Using problem sets you will further develop your skills in using mathematical and graphical tools by applying them to stylized and real-world situations. Cases are an important part of the course, for illustrating economic principles but also to challenge you to use your newly acquired knowledge for better understanding.

Additional Information Teaching Methods

• Lectures
• Tutorials