The students have deepened insights into market behavior of consumers and firms, economic growth, as well as the role of the financial system. Furthermore, the students are familiar with the basics, strategies and methods for the transfer from linear to circular economic systems.
After completing this module students will be able to

• describe the functioning of markets and the role of the financial system
• apply models and methods in terms of micro economics
• explain the determinants of economic growth and its dependence on resources
• understand the complexity and correlations among natural, technical, social and economic processes and systems in terms of sustainable development
• apply methods and tools in the field of circular economy: methods of system analysis, material flow analysis, life cycle assessments, input-output analysis, concepts and techniques for recycling, reusing, remanufacturing and refurbishing

None

The course will provide theoretical knowledge and practical skills on:

• Introduction to economics

• Consumer behavior
• Theory of production and cost theory
• Competition, monopolies, oligopolies
• Determinants of economic growth
• Financial system and monetary policy
• Fundamentals of circular economy
• From linear to circular economy
• Methods and tools for system analysis
• Concepts and techniques for recycling, reusing, remanufacturing and refurbishing

Krugman P., Wells R.: Economics. 5th edition. Worth. 2017
Mankiw N.G.: Principles of Economics. 8th edition. Cengage Learning. 2017
Andersen M. S.: An Introductory Note on the Environmental Economics of the Circular Economy. Sustainability Science Vol 2(1):133-40. 2007
Braungart M., McDonough W.: Cradle to Cradle - Patterns of a planet, 2009
Ellen MacArthur Foundation: Towards the Circular Economy Vol 1: Economic and Business, Rationale for an Accelerated Transition., 2013
https://ellenmacarthurfoundation.org/towards-the-circular-economy-vol-1-an-economic-and-business-rationale-for-an
Ellen MacArthur Foundation: Delivering The Circular Economy: A Toolkit for Policymakers. 2015
https://ellenmacarthurfoundation.org/a-toolkit-for-policymakers

Lectures, practical exercises, interactive work, group work, problem-based learning

Integrated module examination
Immanent examination character:
Active participation, report and presentation, short tests