Course code Ekon4081

Credit points 4.50

Economics and the Basics of Entrepreneurship

Total Hours in Course48

Number of hours for lectures32

Number of hours for seminars and practical classes16

Date of course confirmation14.06.2022

Responsible UnitInstitute of Economics and Finance

Course developers

author Ekonomikas un finanšu institūts

Aija Eglīte

Dr. oec.

author Uzņēmējdarbības un vadībzinātnes institūts

Andrejs Lazdiņš

Dr. oec.

Replaced course

EkonB001 [GEKOB001] 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. The study course analyses current developments in Latvia at the macroeconomic level, allowing students to evaluate and express their views on future forecasts in economic development, as well as to acquire knowledge about basic entrepreneurships issues, to acquire practical skills and competence to planning, to solve simple business problems - establishment, financing, risk assessment.

Learning outcomes and their assessment

Know basic microeconomic indicators, nature, and relationships of macroeconomic indicators; the nature of entrepreneurship, micro, small and medium business, business environment, forms of business - in tests. Know the role of the ICT sector in economic development, international economy; know company establishment, reorganization, liquidation - presentation of permanent work.
Professional skills to select, analyse current economic indicators, draw reasoned conclusions, and make suggestions for improvement, acquired through continuous and group work, presentation and testing constantly and critically. In business, can prepare the company's founding documents, assess business risks, and apply their management methods - test. During discussions, group work, self-tests and presentations, general skills are developed to plan tasks within set deadlines, take responsibility, develop communication skills and critical thinking on macroeconomic issues. Able to collect information using various information resources, engage in conversation, arguing his / her opinion - independent work, discussion.

Competence - the ability to independently acquire, select, systematize the necessary information, independently analyse, and solve problems, to make reasoned decisions, based on comprehensive theoretical and business knowledge and regularities of economics - practical work.

Course Content(Calendar)

Chapter I.
1. Levels of economic analysis. Demand and supply (3 hours).
2. Flexibility of supply and demand. Consumer behaviour in the market (3 hours).
3. Production process, production costs (3 hours).
4. Forms of market competition, their features. Factors of production (resources) market (2 hours) Test (1 hour).
5. Basic macroeconomic indicators. Aggregate demand and supply. Economic development - a guarantee of sustainability (3 hours).
6. Employment and unemployment. Inflation (2 hours).
7. Demand and supply of money. Money and the banking system. Monetary policy (3 hours).
8. Fiscal policy. State budget and tax policy (2 hours). Test (1 hour).
Chapter II
9. Nature of business (commercial activity), spheres and types (2 hours).
10. Business environment (2 hours; 1 hour of practical work).
11. Forms of commercial activity (2 hours; 1 hour of practical work).
12. Legal basis of business. Starting and starting a business (2 hours; 1 hour of practical work).
13. Company, its life cycle, solutions. Company financing. Salary (2 hours; 2 hours of practical work).
14. Business risks - identification, planning. Company planning, goals, strategies (2 hours; 2 hours of practical work).
15. Company competitiveness. Reorganization of the company (commercial company) (2 hours; 1 hour of practical work).
16. Insolvency of the company. Liquidation of the company (2 hours).
Part-time part - time:

All topics specified for full-time attendance are implemented, but the number of contact hours is 1/2 of the specified number of hours.

Requirements for awarding credit points

Successfully written tests with calculations on microeconomic indicators, macroeconomic concepts, presentation in practical classes because of continuous research on economic indicators in the ITF sector and its role in the economy. Participation in practical classes and self-examination tests available on the e-learning platform have been completed.
Basics of entrepreneurship - successfully written tests, completed practical work, and successfully defended (discussed) independent work relates to IT products.

Description of the organization and tasks of students’ independent work

In the independent work the student must analyse the tendencies of economic indicators and their impact on the development of the national economy. It is necessary to prepare for discussions in classes on the importance of analysing basic economic indicators.
In full-time work, students must learn the importance and role of micro and small enterprises; analyse the business environment and the role of influencing factors; there is a need to discuss the role of the digital transformation of business.

Criteria for Evaluating Learning Outcomes

Test with a mark. The grade of the test is the average mark from I. and II. part of the assessment.
I. Test in microeconomics makes up 15% of the final grade, test in macroeconomics makes up 15% of the final grade Independently developed and presented presentation makes up 10% of the final grade, participation in independent work and involvement in discussions 10%.
II. Basics of Entrepreneurship: 1. test (topics 9 to 12) 15%; 2. test (topics 13 to 16) 15%, practical work 10%; independent work - discussion 10%.

Compulsory reading

1. Bikse V. Ekonomikas teorijas pamatprincipi: mācību līdzeklis/ Rīga: Izglītības soļi, 2007. 454 lpp
2. Šenfelde, M. Makroekonomika. Rīga: RTU izdevniecība, 2012. 244 lpp.
3. Uzņēmēja rokasgrāmata. Sast. G. Pelše, I. Ruperte Rīga: Jumava, 2009. 376 lpp. Ir LLU FB 1 eks.
4. How to Plan Business? A. Muška, L. Paula, L. Līcīte, D. Popluga. In: Entrepreneurship in Rural Areas through the production and exploitation of medicinal and aromatic plants: manual. Jelgava, 2018. 130.-258. lpp. Ir LLU FB 6 eks.
5. Leibus I. Pirmie soļi komercdarbībā: darbības uzsākšana, grāmatvedība un nodokļi. Rīga: Lietišķās informācijas dienests, 2016. 152 lpp. Ir LLU FB 6 eks.
6. Neilande J. Komersanta ABC. Rīga: Apgāds Zvaigzne ABC, 2013. 270 lpp. Ir LLU FB 5 eks.

Further reading

1. King, D. (2012). Economics. New York: Oxford University Press 676 p.
2. Popescu G. Macroeconomics. New York : Addleton Academic Publishers. 2013.- 226 p. Pieejams:
3. Fine B., Microeconomics : A Critical Companion. London : Pluto Press. 2016.- 164 p. Pieejams:
4. Singh S. K., Gupta S. Entrepreneurship: E-Book. SBPD Publications, 2016. 516 p.
5. Vīksna A., Baroniņa R. Mani septiņi soļi biznesa uzsākšanai. Rīga: Lietišķās informācijas dienests, 2009.112 lpp.
6. Uzsākt biznesu. / «Lessons Learned» grāmatu sērija.- Rīga: Lietišķās informācijas dienests, 2009.- 104 lpp.

7. Rurāne M. Uzņēmējdarbības organizācija un plānošana. Biznesa augstskola Turība, 2002., 330 lpp.

Periodicals and other sources

1. Dienas Bizness: nedēļas laikraksts: Latvijas biznesa avīze. Rīga: Diena: ISSN 1407-2041.
2. Forbes. Rīga: SK Media. ISSN 1691-6018
3. Statistikas gadagrāmata: ikgadējs izdevums. Rīga: LR CSP



Latvia University of Life Sciences and Technologies Faculty of Information Technology professional higher education bachelor study program "Information Technologies for Sustainable Development".