Principles of the Market Economy, Group B
Course code
ECON101
Course type
BSc Course
Weekly Hours
2,0
ECTS
3.0
Term
HS 2021
Language
Deutsch
Lecturers
Prof. Dr. Michael Frenkel
Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.
Course content
1. Foundation of economic analysis
2. Supply, demand, and equilibrium in the goods market
3. Demand and supply shocks, price mechanism, and government intervention in goods and factor markets
4. Imperfect competition
5. Market Inefficiencies
6.Basic concepts of the Macroeconomy
2. Supply, demand, and equilibrium in the goods market
3. Demand and supply shocks, price mechanism, and government intervention in goods and factor markets
4. Imperfect competition
5. Market Inefficiencies
6.Basic concepts of the Macroeconomy
Class dates
Date | Time |
---|---|
Monday, 06.09.2021 | 11:30 - 15:15 |
Thursday, 09.09.2021 | 15:30 - 18:45 |
Thursday, 16.09.2021 | 08:00 - 11:15 |
Wednesday, 22.09.2021 | 15:30 - 18:45 |
Wednesday, 29.09.2021 | 15:30 - 18:45 |
Thursday, 07.10.2021 | 08:00 - 11:15 |
Friday, 17.12.2021 | 09:00 - 12:00 |
Learning outcomes
The course explains the fundamentals of economic processes in a market economy. The course first looks at basic techniques in economic analyses and then proceeds to the explanation of the determining factors of demand and supply in the goods market. Subsequently, the effects of demand and supply shocks are examined and the effects of a non-competitive market on the market equilibrium are investigated. The course also discusses which government activities can be justified within the framework of a market economy. Here, the focus is on competition policies, tax policies, social policies and general economic stabilization policies.
Literature
Mankiw, N. Gregory and Mark P. Taylor: Economics, 5 th edition, Cengage Learning 2020. Frenkel, M. and Stefan, H. (2021). „Private, öffentliche und andere Güter“, Das Wirtschaftsstudium, Vol. 1, pp. 104-109.
Learningmethods
Lecture and exercises
Exam
Exam
Requirements
keine