Industrial Engineering & Management FT
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Fundamentals to Economics (E)

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:
• name the essential components of a market model and discuss the market equilibrium as an interaction of supply and demand.
• identify the determinants of consumer demand and explain how they respond to external factors such as changes in income.
• explain both the potentials and the limitations of market models based on real-world markets, for example the housing or labor market, and to buttress abstract models with real-life examples.
• understand production decisions in companies and interpret the influences of market structures on price setting.
• examine and critically evaluate current developments on the basis of models.
• name the essential components and institutions of a national economy and explain how they function.
• identify macroeconomic indicators such as gross domestic product or consumer price index and explain their meaning.
• conduct independent research on indicators important for economic growth and inflation and to present current developments in this regard.

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:
• Economic thinking and marginal analysis
• Efficient allocation of scarce resources
• The market model and market equilibrium
• Macroeconomic variables (GDP, inflation, and unemployment) and their interrelationships

Selected macroeconomics issues:
• Elasticity and welfare
• Cost functions and optimal corporate production
• Price setting and market structures
• Short-term macroeconomic fluctuations: The business cycle
• Money, the ECB, and inflation
• Long-term economic growth
• International relations and trade

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


number of ECTS credits allocated


eLearning quota in percent


course-hours-per-week (chw)


planned learning activities and teaching methods

integrated Lecture

semester/trimester when the course unit is delivered


name of lecturer(s)

Dipl.-Kfm. Marco Stephan

course unit code


type of course unit

integrated lecture

mode of delivery


work placement(s)

not applicable