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Principles of the Market Economy, Group C

Course code
Course type
BSc Course
Weekly Hours
HS 2021
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.
1. Foundations 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
Date Time
Monday, 06.09.2021 15:30 - 18:45
Thursday, 09.09.2021 11:30 - 15:15
Wednesday, 15.09.2021 08:00 - 11:15
Wednesday, 22.09.2021 08:00 - 11:15
Wednesday, 29.09.2021 08:00 - 11:15
Thursday, 07.10.2021 11:30 - 15:15
Friday, 17.12.2021 09:00 - 12:00
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 functioning of credit markets will be briefly introduced. 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.
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.
Lecture and Exercises
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