Economics for the Global Era

COURSE OBJECTIVE
ACADEMIC SKILLS (THREE AS)
After successfully completing this course, the student
• can analyze and demonstrate an understanding of economic problems from different perspectives (Analysis)
• is able to recognize fundamental structures and to leave out irrelevant information (Abstraction)

BRIDGING THEORY AND PRACTICE
Student 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
• is able to make connections between those theories, models, and concepts

APPLICATION
After successfully completing this course, the student:
• Is able to provide practical solutions to a case by applying theory from economics

QUANTITATIVE SKILLS
• is able to 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. In 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.

TEACHING METHODS
Lectures, tutorials

TYPE OF ASSESSMENT
Written exam – Individual assessment
Assignments – Group assessment
Mandatory attendance tutorials

RECOMMENDED BACKGROUND KNOWLEDGE
1.1 Business Mathematics
High-school economics
Basic computer skills