| Course title | Business Economics |
| Course code | Ekon3127 |
| Credit points (ECTS) | 6 |
| Total Hours in Course | 162 |
| Number of hours for lectures | 32 |
| Number of hours for seminars and practical classes | 32 |
| Independent study hours | 98 |
| Date of course confirmation | 16/10/2019 |
| Responsible Unit | Institute of Economics and Finance |
| Course developers | |
| Mg. oec., lekt. Vineta Tetere Mg. oec., lekt. Baiba Kizika |
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| There is no prerequisite knowledge required for this course | |
| Course abstract | |
| After completing the course, the student is familiar with Have an understanding of business process planning, organization, efficiency. During the course the student acquires knowledge of the basic principles of business in the microeconomic and macroeconomic aspects. Particular attention is paid to in-depth analysis of demand and supply, consumer choice, production costs, business macroeconomic environment. After completing the course the student is familiar with the economic factors that influence business processes; have an understanding of business process planning and organization. | |
| Learning outcomes and their assessment | |
| The student is able to demonstrate comprehensive knowledge of theoretical and practical basic principles and regularities at the microeconomic and macroeconomic level - test 1 and 2;
Student understands economic regularities, basic principles of economic systems and functioning of market mechanism; can apply planning, situation analysis, competitor analysis and other methods in business. The student is able to independently obtain, select, systematize the necessary information, independently analyze and solve problems, make reasoned decisions; has acquired knowledge and practical skills to develop and implement business ideas - presentation. |
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| Course Content(Calendar) | |
| 1.Supply and Demand, Market Equilibrium 6h
2.Demand Elasticity 4h 3.Consumer Choice 4h 4.Production and Cost analyses 4h 5.Firm Organization and Market Structure 2h 6.Monopoly 4h 7.Monopolistic competition 4h 8.Oligopoly 4h Test 1 – Microeconomic regularities 1h 9.Labour market 4h 10.The Multinational Corporation and Globalization 4h 11.Analysing the macroeconomic environment 4h 12.Government macroeconomic policy and business 4h Test 2 – Macroeconomic regularities 1h 13.Investment appraisal 4h 14.Capital Budgeting and Risk 4h 15.Decision Making Under Uncertainty 4h Presentation – Business idea 2h |
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| Requirements for awarding credit points | |
| During the study course the assessments (2 tests and presentation) form 40% of the total assessment. The written exam at the end of the course represents 60% of the total assessment. Exam consists of open and multiple choice theoretical questions and practical calculations. | |
| Description of the organization and tasks of students’ independent work | |
| The student gets acquainted with the latest news in economics and business from online and printed sources. | |
| Criteria for Evaluating Learning Outcomes | |
| Test 1 - 10% - the student understands microeconomic regularities.
Test 2 - 10% - the student understands macroeconomic regularities. Presentation - 20% - student demonstrates knowledge and skills in business development. Written Exam - 60% - student is aware of economic circumstances to run the business. |
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| Compulsory reading | |
| 1.Gillespie A., Economics for Business, 1st edition, published by Oxford University Press 2019
2.Williamson D. Stephen. Macroeconomics, 6th edition, published by Pearson Education 2018.; 731 p. 3.Frank, Bernanke, Heffetz, Bernanke, Ben S, and Heffetz, Ori. Principles of Microeconomics / Robert H. Frank, Ben S. Bernanke, Kate Antonovics, Ori Heffetz. Seventh Edition.; International ed. 2019. Print. |
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| Further reading | |
| 1.Kelly, Marce, and Chuck Williams. Busn10: Introduction to Business / Marce Kelly, Chuck Williams. 10th ed. 2018. Print.
2.A.Husodo, Zaäfri, Y. Gitaharie, Beta, Gani, Lindawati, and Kuncoro, Ari. Competition and Cooperation in Economics and Business. Routledge, 2017. Web. 3.Kant, Shashi, and Janaki R. R. Alavalapati. Handbook of Forest Resource Economics / Edited by Shashi Kant and Janaki R.R. Alavalapati. Abingdon: Routledge, 2014. Print. |
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| Periodicals and other sources | |
| 1.Trading Economics, www.tradingeconomics.com 2.Doing Business, Measuring Business Regulations, www.doingbusiness.org | |
| Notes | |
| For students of the academic bachelor's study program “Sustainable Forestry” | |