Business Environment (7 cr)

Evaluation scale

H-5

Objective

The module of business environment includes two elements: Economics (5 credits) and Statistical Literacy (2 credits).

Economics: You are able to analyse the relationship between the economic business environment and a company's performance, to describe principles of the basic economic theory with the help of accurate concepts, to analyse business cycles, to retrieve, express and interpret relevant economic information.

Statistical Literacy: You discover the use of statistical information for professional and personal decisions, recognise relevant sources of business related data and information, as well as learn to communicate the statistical information, ie. to interpret and present the information in a clear way.

The course doesn't cover the statistical methods, for the statistics there will be a specific course.

Content

Economics:
- Economic choice
- Dynamics of business environment
- Functioning of the market system
- Imperfections of the market and government's interventions
- Determination of business cycles
- Money; interest rate and inflation
- Stabilisation policy
- Structural change of the economy
- Environment and society
- Sources of economic data and information

Statistical Literacy:
- Importance of secondary data in business
- Relevant sources of economic data and information
- Description of information in professional way
- Utilisation of Excel in drawing charts