LV EN RU DE FR

Economics and the Basics of Entrepreneurship

Course developers

Replaced course

Ekon4081 [GEKO4081] Economics and the Basics of Entrepreneurship

Course abstract

The aim of the study course is to understand the regularities of microeconomics and macroeconomics, based on theoretical knowledge, to assess the socio-economic situation in the country. In the study course analyzes current developments in the Latvian economy, allowing students to evaluate and express their opinion on sustainable economic development, as well as to acquire practical skills and competence in planning, solving simple business problems - establishment, financing, risk assessment.

Learning outcomes and their assessment

KNOWLEDGE
1. Knows the basic indicators of microeconomics, the nature and relationships of macroeconomic indicators; nature of business, micro, small and medium business, business environment, forms of commercial activity – tests.
2. Knows about the role of the ICT sector in the development of the national economy, in the international economy; knows about company establishment, reorganization, liquidation – individual work.
SKILLS
3. Able to constantly and critically select, analyze current economic indicators, draw reasoned conclusions and make proposals for improving the situation – individual and group work, presentation and tests.
4. Can prepare company foundation documents, assess business risks and apply their management methods - test. 5. During discussions, group work, tests and presentations, the general skills of planning tasks within certain deadlines, taking responsibility, developing communication skills and critical thinking about macroeconomic current affairs are developed.
6. Able to collect information using various information resources, engage in a conversation, defending one's point of view with arguments – presentation of individual homework, discussion in class.
COMPETENCE
7. Based on comprehensive economic theoretical and business knowledge and regularities, able to independently obtain, select, systematize necessary information, independently analyze and solve problems, make reasoned decisions – practical assignments.

Course Content(Calendar)

Full-time studies:
1. The basic problem of economics. Demand, offer (lecture – 1 hour; practical assignments – 2 hours).
2. Elasticity of demand and supply. Consumer behaviour in the market (lecture – 1 hour).
3. Production, costs (lecture – 1 hour; practical assignments – 2 hours).
4. Market types. Market of production resources (lecture – 1 hour; practical assignments – 1 hour).
5. Basic macroeconomic indicators. Sustainability of economic development (lecture – 1 hour).
6. Fiscal policy. General state budget (lecture – 1 hour; practical assignments – 1 hour).
7. Employment, unemployment, its types (lecture – 1 hour; practical assignments – 1 hour).
8. Monetary policy. Inflation (lecture – 1 hour; practical assignments – 1 hour).
9. Nature, spheres and types of entrepreneurship (commercial activity) (lecture – 1 hour; practical assignments – 1 hour).
10. Business environment (lecture – 1 hour; practical assignments – 1 hour).
11. Forms of commercial activity (lecture – 1 hour; practical assignments – 1 hour).
12. Legal basis of business. Starting and founding a business (lecture – 2 hours; practical assignments – 2 hours).
13. Business planning, finance (lecture – 1 hour; practical assignments – 1 hour).
14. Risks in business - risk determination, action planning (lecture - 1 hour, practical work 1 - hour).
15. Competition in business. Company reorganization, insolvency (lecture – 1 hour; practical work – 1 hour).
Part-time extramural studies:
All the topics intended for full-time studies are covered, yet the number of contact hours is ½ of the specified number of hours.

Requirements for awarding credit points

The evaluation of the study course is a test consisting of 2 parts:
Part 1. Economics – 8 lectures and 8 practical assignments make up 50%. The assessment is formed from the average arithmetical of 1 test and 2 homework presentations. All tests and homework provided in the study course must be completed.
Part 2. Fundamentals of Entrepreneurship – 8 lectures and 8 practical assignments make up 50%. The assessment is obtained by writing 1 test and completing practical assignments. The assessment is passed if at least 70% of the total number of tests in parts 1 and 2 of the study course is obtained.

Description of the organization and tasks of students’ independent work

Homework 1 presentation – the role of innovation in the national economy (the latest innovative products or services created in Latvia) – is prepared in PowerPoint format, presented during practicals and uploaded to the e-learning platform (length approx. 5 min)
Homework 2 presentation – a description of current economic problems in Latvia and the EU (topics from the list proposed) – is prepared in PowerPoint format, presented during practicals and uploaded to the e-learning platform (length approx. 7-10 min).
In the Fundamentals of Entrepreneurship course students prepare for and complete practical work; study supplementary materials and prepare for the test.

Criteria for Evaluating Learning Outcomes

The final mark for the course is formed from the arithmetic average of the assessments of both parts of the study course and must not be less than 70% of the total assessment.

Compulsory reading

1. Bikse V. Makroekonomika: teorija un politika, LiepU, 2015, 269 lpp
2. Nešpors V. Mikroekonomikas teorijas pamati. Rīga: RTU, 2015. 244 lpp.
3. Balodis K. Ievads civiltiesībās. Rīga: Zvaigzne ABC, 2007. 384 lpp. Ir LBTU FB 3 eks.
4. Muška A. Uzņēmējdarbības pamati. Rīga: KIF “Biznesa komplekss”, 2005. 120 lpp.
5. Leibus I. Pirmie soļi komercdarbībā: darbības uzsākšana, grāmatvedība un nodokļi. Rīga: Lietišķās informācijas dienests, 2016. 152 lpp.
6. Neilande J. Komersanta ABC. Rīga: Apgāds Zvaigze ABC, 2013. 270 lpp.
7. Stokes D., Wilson N., Small business management and entrepreneurship. Endower, UK: Cengage Learning, 2017. – 493 pp.
8. Mastering Business Planning and Strategy: The Power and Application of Strategic Thinking / e-book. EBSCO data base 2007.

Further reading

1. Economics / N. Gregory Mankiw and Mark P. Taylor. London, 2008.; 830 p
2. Economics / David King, NewYork, 2012. 676 p.
3. Kopnina H., Poldner K. Circular Economy: Challenges and Opportunities for Ethical and Sustainable Business. Abingdon, Oxon; New York, NY: Routledge, 2022. 226 pp. ISBN: 978-0-367-41864-9
4. Seyoum B. Export – Import Theory, Practices, and Procedures. Fourth Edition. New York, NY: Routledge, 2021. 656 pp. ISBN: 978-0-367-89678-2
5. Singh S. K., Gupta S. Entrepreneurship: e-book. SBPD Publications, 2016. 516 pp.
6. Vīksna A., Baroniņa R. Mani septiņi soļi biznesa uzsākšanai. Rīga: Lietišķās informācijas dienests, 2009. 112 lpp.
7. Rurāne M., Finanšu menedžments. Rīga: RSEBAA, 2006. 383 lpp.

Periodicals and other sources

1. Latvijas statistikas gadagrāmata. Pieejams: https://stat.gov.lv/lv/statistikas-temas/valsts-ekonomika/ikp-gada/publikacijas-un-infografikas/10925-latvijas-statistikas
2. ES valstu statistika. Pieejams: https://ec.europa.eu/eurostat
3. Dienas Bizness – e-avīze: e-avize.db.lv.
4. Forbs – ISSN 1691-6018: https://forbsbaltics.com/lv
5. Komerclikums: 13.04.2000. LR likums (“LV”, 158/3160 (2069/2071), 04.05.2000.; Ziņotājs, 11, 01.06.2000) ar grozījumiem

Notes

Compulsory course for the professional bachelor programme “Information technologies for sustainable development”