After successful completion of the course, students will be able to:

• Understand the economic analysis, as well as the evaluation of the behavior and decision-making of individual economic actors
• Acquire a general knowledge of economic relationships and principles as a basis for economic issues
• Gain the ability to recognize and present economic relationships, including a clear understanding of supply and demand as well as different incentive situations of different interest groups in markets. This also includes the calculation of market equilibria and elasticities

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In the course "Fundamentals of Economics I: Microeconomics" the following topics/contents are covered in a fundamental way:

• Introduction to economics, object of research, research approaches, methods
• The functioning of markets (market forces of supply and demand, elasticities)
• Household theory (optimal consumption decision, effects of income and price changes, derivation of demand curve)
• Enterprise theory (production costs, firms in markets with competition, monopoly markets)
• Market forms and firm behaviour
• The functioning of markets (market failure, monopoly, oligopoly)
• The functioning of markets (government intervention, consumer and producer surplus)
• Production and cost functions
• Integration of economics and law

Krugman, P./Wells, R. (2017): Volkswirtschaftslehre. 2. Auflage. Stuttgart: Schäffer-Poeschel Verlag.
Mankiw, N. G./Taylor, M. P. (2012): Grundzüge der Volkswirtschaftslehre. 5. überarbeitete und erweiterte Auflage. Stuttgart: Schäffer-Poeschel Verlag.

Moderated group work, lecture, discussion, case work

Cumulative module examination
The module grade is calculated weighted by the ECTS credits of the individual courses of the module and results as follows:
ILV "Fundamentals of Economics I: Microeconomics" - 3.5 ECTS credits.
Assessment type: Continuous assessment
Assessment method/s: Elaboration of case study, presentation, written final examination