351-1158-00L  Principles of Economics

SemesterAutumn Semester 2021
LecturersU. Renold, T. Bolli, P. McDonald, M. E. Oswald-Egg, F. Pusterla
Periodicityyearly recurring course
Language of instructionGerman


AbstractThis course introduces basic economic concepts and theories. Beginning with microeconomics, the course starts with the topics of supply and demand, markets, and behavioral economics before moving on to the key macroeconomic concepts of national accounts, the labor market, trade, and monetary policy.
ObjectiveAfter successful completion of the course you will be able to:

-Describe the basic micro- and macroeconomic problems and theories.
-Introduce economic reasoning appropriately to a given topic.
-Evaluate economic measures.
ContentHouseholds, firms, supply and demand: How are household preferences and consumption patterns formed? How does a household react to price changes? How are goods prices formed? At what prices are companies willing to offer goods? How do we make economic decisions?

Markets: What is "perfect competition" and how does a competitive market work? Are monopolies always a bad thing? How can the state influence the market?

Market failure: What happens when prices give wrong signals?

Labour market: How do supply and demand work in the labour market? What influences unemployment?

National accounts: How big is the Swiss economy?

Foreign trade: Why do countries trade with each other? What are the consequences for the domestic market?

Money and inflation: What exactly is money? How does money creation work and what happens when there is too much (or too little) money on the market?

Students will be asked to apply these concepts to issues in their own field of study and to current issues in society. This goal will be achieved through participation in exercises, class discussions and reading material from current media. By the end of the course, students should be able to apply economic analysis confidently and independently.
Lecture notesno script available
LiteratureMankiw, N.G.: "Principles of Economics", 8th edition, South-Western College/West, Mason 2018.
Prerequisites / NoticeSie brauchen keine Vorkenntnisse, um dem Kurs zu folgen.
CompetenciesCompetencies
Subject-specific CompetenciesConcepts and Theoriesassessed
Method-specific CompetenciesAnalytical Competenciesassessed
Decision-makingassessed
Problem-solvingassessed
Personal CompetenciesCritical Thinkingassessed
Self-direction and Self-management assessed