3 ECTS credits
80 h study time

Offer 1 with catalog number 3020308DNW for working students in the 1st semester at a (D) Master - preliminary level.

Semester
1st semester
Enrollment based on exam contract
Impossible
Grading method
Grading (scale from 0 to 20)
Can retake in second session
Yes
Taught in
English
Faculty
Faculty of Social Sciences & SolvayBusinessSchool
Department
Applied economics
Educational team
Luc Hens (course titular)
Activities and contact hours

24 contact hours Lecture
56 contact hours Independent or External Form of Study
Course Content

Economics for Business introduces students pursuing a graduate degree in business to the principles of (mostly micro-) economics. Topics include: supply and demand, elasticity, applications of supply and demand, the costs of production, firms in competitive markets, monopoly.               

Economics for Business aims to teach students majoring in business how to think like an economist, and provide them with the basic tools of economics that help understand the markets in which they operate, the economic decision problems they face, and the wider economic environment.

Course material
Handbook (Required) : Economics, Mankiw, N. G. and Taylor, M. P., 5th edition, Andover: Cengage Learning, 9781473768543, 2020
Digital course material (Required) : Economics for Business: Course Syllabus, Hens, L., Canvas, 2020
Additional info

A course syllabus is available on the learning platform. The course syllabus contains a detailed description of the material covered in the course, including a week by week schedule of activities.

Follow the economic news in the press by reading a financial newspaper such as the Financial Times or the The Economist (a weekly newspaper). Both are available in the library.

I regularly post news items on the learning platform.
 
Keep a file with newspaper clippings related to economics subjects.

Teaching Methods

Lecture: collective contact-dependent moments during which the lecturer engages with learning materials
- Seminar, Exercises or Practicals (Practical): collective or individual contact-dependent moments during which the students are guided to actively engage with learning materials
- Independent or External Form of Study (Self): independent study

This description of the teaching methods is indicative, in order to assess the expected study load.

Lecture: 24 hours

Self: 56 hours

  • keeping up with the course material during the semester, amounting to 1 hour per hour of lectures: 24 hours
  • solving exercises independently: 16 hours
  • preparation for the exam: 16 hours (2 days of 8 hours)
Learning Outcomes

General competencies

The student develops (parts of) competences two and three described in Hansen, W. (2001). Expected proficiencies for undergraduate economics majors. Journal of Economic Education, 32(3): 231–242.
 
1. The student can explain key economic concepts and describe how these concepts can be used to understand how markets work, to improve business decisions. 
 
2. The student can explain and evaluate what economic concepts and principles are used in economic analyses published in daily newspapers and weekly news magazines. The student can describe how these concepts aid in understanding these analyses.  

Grading

The final grade is composed based on the following categories:
Written Exam determines 100% of the final mark.

Within the Written Exam category, the following assignments need to be completed:

  • Written Exam with a relative weight of 100 which comprises 100% of the final mark.

Additional info regarding evaluation

Written examination.

One part of the exam asks you to apply what you have learned by working problems (similar to the end-of-chapter problems in the textbook), case studies, or by commenting at length on statements from the business and financial press, using the economist's analytical toolbox. If the number of students is large, another part of the examination consists of multiple choice questions (with standard correction for guessing).

Academic context

This offer is part of the following study plans:
Master of Physics and Astronomy: Minor Economy and Business
Preparatory Programme Master of Science in Management: Academische Master
Preparatory Programme Master of Science in Management: Academische Bachelor