Macroeconomics is not only the most traditional, but also the most prominent field of Economics. In contrast to microeconomics where the decision making of single firms or households is analyzed, the focus is on aggregate variables like the gross domestic product, interest rates, employment, or economic growth. Macroeconomics is designed as an introductory course for Bachelor students, relying on the global bestseller textbook of Blanchard. By using many real-world examples, the course attempts to link macroeconomic thinking to actual challenges like the global financial crisis, quantitative easing, public debt or productivity slowdown.
Microeconomics is a core course in the B.Sc. program. We will apply the economic way of thinking to analyze issues like how consumers make choices, how the firm production process can be described in economic terms, how firms allocate resources, why prices rise and decline on the markets, or how to make decisions when your profit is not only dependent on your own strengths and weaknesses, but also on the decisions of others. After completing this course, you will have strongly improved your analytical skills and your ability to solve scarcity problems of a broad scope. You will also understand the advantages of thinking in models and be able to apply them on real-world challenges in Management and Economics.
Global macroeconomic conditions create challenges for any manager hoping to successfully operate a business. “Global Economy: International Trade and Finance” first discusses the most important concepts of international trade theory, to be followed by core aspects of international finance. Exercises and current real-world topics like free trade agreements, currency wars or the re-invention of a global commodity standard are used to learn how to transfer pure theoretical concepts into an aid for decision making.
Successful business models require a deep understanding of the strategic environment and the strategic options of the firm. This course addresses core issues of firm strategies, ranging from decision making in an interactive context to the identification of long-run success factors of firms. Participants shall not only be able to properly understand the economic background of strategic decision making, but also to apply the discussed concepts to real-world challenges.
The contents are clustered around four main topics: Game theory as an important tool in interactive contexts, different aspects of the cost-leadership strategy, price and quantity strategies in an oligopolistic environment, and strategic decision making regarding optimal spending on advertising and product bundling.