Course description 

This is an introductory course of basic micro- and macroeconomic concepts, as well as of fundamentals of management theory. Topics include supply and demand theories, market structures/ factors, the determinants of business strategy and various aspects business organization. The course will have a focus on international economics and global business behavior. It will stress on preparing students for a successful career, using economic and business concepts in a market oriented society. It shall also serve as a foundation upon which students can build advanced studies in economics.

Course aim

The objective of Principles of Economics for Business and Management syllabus is to provide students with a basic understanding of how the economy as a whole works. The participants shall be exposed to basic economic concepts, in order to gain a framework for viewing and interpreting the economic and business world around them. This course acts as prerequisite for the Microeconomic and Macroeconomic courses. 

Learning outcomes

• Define and explain how basic concepts of microeconomics (such as elasticity, scarcity or choice) can be used to explain the behaviour of individuals, household or firms.
• Represent supply and demand, in graphical form, including the downward/upward slope of the curves and what shifts/moves along the curves.
• To understand the importance of market structures, on the question of the stability and failure of markets.
• Describe and explain how basic macroeconomic policies (such as fiscal or monetary) can be used to analyse the economy as a whole.
• Explain basic management, business and marketing principles to be able to continue studies on a higher level.
• To understand the role of PESTLE factors on the SWOT of corporations, in the domestic and the international business environment.

Annotation

This course will explore the history of economic thought ranging from Plato to the modern day. In the lectures we will examine the most important and influential thinkers of their time, while also including the historical context that influenced the ideas presented. The course will not strictly follow a chronological evolution of the theory, but instead is designed in a way to capture the evolution of economic thought: the arguments, debates, agreements, and disagreements.

Aim

The History of Economic Theories course aims to equip students with the historical knowledge of history’s most influential economic ideas in order to promote argumentative skills, critical thinking, and a deeper understanding behind the evolution of modern economic thought.

Learning outcomes

• Understand the basic theories from the history of economic thought and apply it to modern economic thinking.
• Identify the historical context of the current trends in economic theories.
• Construct and organize arguments in the context of the history of economic thought.
• Be able to analyze and compare different arguments with regards to economic theories.

Aims of the course

The course aims to introduce students to the main concepts of law, ethics, corporate social responsibility and sustainable development. The recent Global Financial Crisis has increased the spotlight on ethical matters and has raised the question of how the economic and social environment have to be designed in order to contribute to the needs of the society. Whereby the idea of self-regulation and corporate social responsibility plays an important role in Anglo-Saxon Countries, regulation by the state is emphasized more in the European Context. Most business representatives prefer the idea of strengthening the concept of Corporate Social Responsibility (CSR) as it shifts decision-making power from the state towards corporations. On the other hand, NGOs and representatives by the society favour a more active role by the government. The course will not follow any ideology, but will discuss various approaches. Moreover a focus will be put on the stakeholder theory – the role of employees, consumers and society in a globalized World.

Learning outcomes

• Introduce students to the core concepts of  business ethics and social responsibility in practice.
• Discuss and analyze issues within the area of ethics in economics and business.
• Assess and analyse ethical dilemmas.
• Develop a general orientation in social and moral business dilemmas of our times.
• Understand ethics as a key of the soft skills elements in an international context.
• Apply critical thinking and problem solving skills in a changing environment.
• Demonstrate knowledge and ability to evaluate and assess ethical theories by appealing to realistic scenarios.
• Explain the relevance of modern ethical theory towards business managers and economists as a tool that guarantees that business serves primarily the interests of society.

Annotation
This course is an introduction into the contemporary debate on the changing patterns of global economy and challenges the world is facing. The course deals with three major aspects of the global economy, firstly the trans-national economic flows, such as trade in goods and services, migration, financial transactions and investment.  The problems are discussed before the background of international micro- and macro-economy. The aspects covered are balance of payments dynamics, exchange rate regimes, national income accounting, terms of trade, etc. Secondly the course deals with the downsides of economic globalization such as the underlying reasons for crises and their effects on the economy, poverty and environmental degradation. Thirdly the course looks at the actors in the global economy: international organizations, national governments, non-governmental organizations, multinational corporations and regional integration initiatives. Hereby the motives, interest and interaction of the actors is scrutinized and furthermore the development of the global economic governance system is discussed.

Aims of the course
The Global Economics course aims to equip students with necessary analytical tools for analyzing and critically assessing the current dynamics of global economy and challenges the nation states face in their pursuit of economic welfare.

Learning outcomes

• Distinguish various conceptualizations and theories of the (economic) globalization phenomenon.
• Analyze global trade and finance governance structures and assess their policies and role in  a global economy.
• Examine strategies and techniques of trans-national corporations in a global economy.
• Determine the key issues and future challenges for the globalized world economy of the 21st century.
• Identify causes and consequences of change in international labor, trade and financial flows.
• Recognize the underpinnings of the global financial system.
• Debate the causes and policy actions surrounding economic crises.

The Final Bachelor Thesis (FBT) is an independently prepared thesis, which summarizes the knowledge, abilities, and skills acquired in the course of studies and serve as a substantiation of the international business qualification awarded.

Students have to write the FBT about the same company in which the Internship was taken before. This shall ensure the practical approach of the FBT. Any exception has to be confirmed by the Program Director (PD) and is only granted in the following cases:

• A student does the internship in a consulting company (advertising agency, audit company, market research company, etc.), and analyzes the activity of company’s clients or solves a problem on request of clients. The situation should be clearly described in the FBT, reasons why the internship place and company under analysis do not match have to be explained.
• A student is not able to conduct an empirical research on the company which has been the place of the internship (due to bankruptcy of the company, inability to pursue the relationship with the company or the Academic Thesis Supervisor (ATS) rejects the company as a possible stakeholder for the thesis). In this case an internship which will be done/ was done in another company can act as the case for the FBT. A certificate that the company is aware and agrees that the FBT is written on its data has to be provided.

Due to the International scope of the study program, an international aspect has to be an essential element of the FBT. Generally speaking – internationalization is defined as business that covers aspects of more than one (national) market. The nationality of the student, the country of origin of the company or the country where the company is legally registered is hereby irrelevant. In case the topic fails to fulfil any of the requirements – permission from the PD has to be obtained. Examples of “international aspects” are:

Foreign market entrance; Assessments of new geographical market; Introduction of a product in a new market; Internal and external communication aspects, which involve two or more international markets/ business units; Comparative brand attitudes among markets; Global or regional brand portfolio management; Adaptation of global strategy to a specific national market, International human resource management.

A relevant problem of a company/institution should be analyzed in the FBT. Aim of the work is to provide solutions to this relevant problem. The FBT is prepared during the seventh semester of studies and grants 15 ECTS credits.

Learning outcomes

• To be able to define the research problem and the main goals of a Thesis in a concise way  Be able to integrate the theoretical knowledge obtained ​in the bachelor studies.
• Be able to apply the knowledge to identify a business relevant problem. To be able to perform a review of academic literature, relevant to the problem-area and the main goals of a thesis.
• To be able to prepare and conduct (on an individual basis) an empirical research in order to suggest managerial solutions. Be able to present a testable hypothesis, consistent with assumptions derived from literature review.
• Be able to collect quantitative and/ or qualitative data and perform appropriate empirical analysis to solve the research problem.
• Be able to formulate, select, analyze and generalize the information relevant for managerial solutions.  Be able to demonstrate proficiency in academic writing, proper literature citation and compilation of a reference list.
• Demonstrate ability to present findings of the thesis to an academic community of peers and defend the thesis in front of a faculty panel.

Aims of the course

The course aims to introduce students to the main concepts of law, ethics, corporate social responsibility and sustainable development. The recent Global Financial Crisis has increased the spotlight on ethical matters and has raised the question of how the economic and social environment have to be designed in order to contribute to the needs of the society. Whereby the idea of self-regulation and corporate social responsibility plays an important role in Anglo-Saxon Countries, regulation by the state is emphasized more in the European Context. Most business representatives prefer the idea of strengthening the concept of Corporate Social Responsibility (CSR) as it shifts decision-making power from the state towards corporations. On the other hand, NGOs and representatives by the society favour a more active role by the government. The course will not follow any ideology, but will discuss various approaches. Moreover, a focus will be put on the stakeholder theory – the role of employees, consumers and society in a globalized World. This course has a special section, which will introduce students to the ethical and professional standards set by the CFA Institute.

Learning outcomes

• Introduce students to the core concepts of  business ethics and social responsibility in practice
• Discuss and analyze issues within the area of ethics in economics and business
• Assess and analyse ethical dilemmas
• Develop a general orientation in social and moral business dilemmas of our times
• Understand ethics as a key of the soft skills elements in an international context
• Apply critical thinking and problem-solving skills in a changing environment
• Demonstrate knowledge and ability to evaluate and assess ethical theories by appealing to realistic scenarios
• Explain the relevance of modern ethical theory towards business managers and economists as a tool that guarantees that business serves primarily the interests of society.