Principles of Economics
This Module is offered by Chair of Public Finance and Industrial Organization (Prof. Frhr. von Weizsäcker).
This module handbook serves to describe contents, learning outcome, methods and examination type as well as linking to current dates for courses and module examination in the respective
WI000220 is a semester module
in German language
at Bachelor’s level and Master’s level
which is offered every semester.
This module description is valid to WS 2014/5.
|Total workload||Contact hours||Credits (ECTS)|
This course provides an introduction to the basic concepts of economics. It is devided into two parts: micro- and macroeconomics. Microeconomics deals with the behaviour of individual economic units, such as households, business firms, and public institutions. The main concern is how these units interact to form markets and industries. How can consumer decisions be explained and how can aggregate demand be derived from consumer choice? Which are the factors that determine the production decisions of companies? Which mechanisms give rise to an equalization of supply and demand? Which interrelations exist between market power and social welfare? What is a monopoly? What are the consequences of market failure? Macroeconomics takes an aggregated perspective. In particular, it deals with the topics of growth, unemployment, inflation, and moetary as well as fiscal policy.
At the end of the module the students are able to understand and explain the basic principles of economics. On the micro level, this includes consumer behaviour as well as firms production decisions. The students will be able to analyze basic mechanisms that give rise to the equalization of supply and demand in a market. Having attended the lecture, the students will understand the interrelation between market power and social welfare and will be able to explain market failures. On the macro level, students will be able to identify and explain the main sources of growth, unemployment and inflation. Moreover, they will learn to analyze the basic tools of moetary and fiscal policy.
Learning and Teaching Methods
The module consists of a lecture. During the lecture the contents are delivered through presentations and talks. The students are inspired to improve the acquired knowledge by studying the suggested literature. Moreover, they are given the opportunity to deepen their understanding by means of a tutorial (optional).
text books, script
Mankiw, N. Gregory: Principles of Economics, 5th Edition, Southwestern Educ Pub, 2008 (auch in Deutscher Übersetzung) UND Woll, Artur: Allgemeine Volkswirtschaftslehre, 14., überarbeitete und ergänzte Auflage, Vahlen Verlag, 2003.
Description of exams and course work
Students receive credit for the course by passing a written exam. The examination is designed to assess the participants' capabilities to apply economic theory in order to discuss and solve economic problems within limited time and without auxiliary means. The examination questions refer to the lecture content as well as to the suggested literature.
There is a possibility to take the exam in the following semester.