WISO100352 Fundamentals of economics

Type
course with non-continuous assessment
Semester hours
2
Lecturer (assistant)
Eder, Andreas , Pohl, Robin
Organisation
Sustainable Economic Development
Offered in
Sommersemester 2026
Languages of instruction
Deutsch
Content

- 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)
Previous knowledge expected


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.