731104 Fundamentals of economics I

Semester hours
Lecturer (assistant)
Schuch, Helena , Eder, Andreas , Morawetz, Ulrich
Offered in
Wintersemester 2022/23
Languages of instruction


- Economic process (Resource, Production, goods and services, economic key problems, actors, types of markets, income flows and identities, System of National Accounts)

- Resources and Output (Production possibility frontier, efficiency, tradeoffs, opportunity cost, optimal allocation, comparative advantage, transaction cost, distributional and stability aspects, coordinating principles)

- Trade (motives for trade, absolute vs. comparative advantage, distributions of gains from trade, practical aspects of trade, trade without comparative advantage)

- Firm and Household (basic elements of production theory and cost theory, profit maximization, competition vs. monopoly, consumption and budgets, utility maximization, selected policy instruments, ...)

- Price System (basic determinants of supply and demand, functional forms, aggregation problems, market equilibrium, competition, price system, elasticities, selected case studies)

Objective (expected results of study and acquired competences)

- Calculate and graphically determine, among other things, opporunity costs, comparative cost advantages, market equilibria elasticities, optimal behavior of market participants, and socially optimal behavior in the presence of externalities.
- Graphical representation and interpretation of production, cost, and profit functions
- Define and logically apply central concepts of economics
You can find more details like the schedule or information about exams on the course-page in BOKUonline.