Industrial Engineering & Management FT
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Fundamentals to Economics

level of course unit

First cycle, Bachelor

Learning outcomes of course unit

The students are able to:
Introduction to Business Administration component:
• Identify the different business subareas
• Understand the fundamentals of marketing
• Understand the fundamentals of personnel management
• Understand the structure of an enterprise and typical operational processes and they are familiar with the basic constitutive factors of an enterprise
• Recognize relationships in the sense of the various relationships between the business functions
• Clearly differentiate between central business terms
• Identify the most important constitutional and functional corporate decisions

Applied Economics component:
• Can deal with fundamental management problems from an economic point of
• view.
• Are able to analyze decisions under uncertainty.
• Can develop strategic decisions based on economic models.
• Can evaluate the effects of digital technologies and products on the cost structure of a company and the development of market forms

prerequisites and co-requisites

not applicable

course contents

Introduction to Business Administration component:
• Overview and context analysis of the most important subareas in business administration
• Subject and fundamentals of business administration:
• Operational functional areas
• Business decision theory
• Fundamentals of management and ethics
• Fundamentals of personnel and organization
• Marketing Fundamentals
• Fundamentals of:
• Constitutive company decisions such as legal forms, location decisions, types of mergers and acquisitions and choice of business segment.
• Functional business decisions: Materials management, production management, marketing.
• Fundamentals of business value creation processes and functions (value creation architecture and structure).
• Fundamentals of market, process and strategy oriented management.

Applied Economics component:
• Microeconomics and the behavior of managers and companies
• Price and product policy of the company
• Elementary principles of game theory
• Company organization
• Market forms & market entry
• Decisions under uncertainty
• Behavioral economics
• Economics of digitization

recommended or required reading

• Vahs, Schäfer-Kunz (2012): Einführung in die Betriebswirtschaftslehre, 6.Auflage, Schäffer-Poeschel Verlag Stuttgart
• Mankiw (2012): Grundzüge der Volkswirtschaftslehre, 5. Aufl., Schäffer-Poeschel Verlag Stuttgart
• Mankiw (2003): Makroökonomik, 5. Aufl., Schäffer-Poeschel Verlag Stuttgart
• Blanchard (2008): Macroeconomics, 5. Aufl., Pearson Education
• Pindyck, Rubinfeld (2012): Microeconomics, 8. Aufl., Pearson Education
• Varian (2010): Intermediate Microeconomics, 8. Aufl., Norton & Company

assessment methods and criteria

Final written Exam

language of instruction

English

number of ECTS credits allocated

5

planned learning activities and teaching methods

integrated Lecture

semester/trimester when the course unit is delivered

4

name of lecturer(s)

Director of Studies

course unit code

vzWIR1

type of course unit

integrated lecture

work placement(s)

not applicable