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ECON 1203 (Principles of Microeconomics). Particular concepts and corresponding analysis underlie managerial decisions and shape business strategies. This course deals with concepts rooted in economics and used in practical decisions made by business executives. In this way, the language and reasoning of executive decision making are developed. Emphasis is placed on language, concepts, and analysis embedded in current methods and techniques of executive and managerial decision making.

This course is of two parts. We will first focus on the impact of managerial decisions in an attempt to efficiently use firm resources to ultimately achieve an increase in value. These decisions are made in the context of the firm as an entity surrounded by its environment. We will work to understand the drivers behind demand for a firm’s products or services, as well as the drivers affecting how a firm decides to supply its products or services. These “micro”economic decisions are influenced by a firm’s structure and its competitive place in an industry, as well as its relation to the governments in the localities in which it does business. We will ultimately focus on pricing strategies, some of which you will find notable in Europe, an example being RyanAir’s low-cost pricing model.
The second part of this course is an overview of the basics of macroeconomic theory and policy, and a discussion of current business conditions. A manager's understanding of GDP, monetary and fiscal policy, tax and trade policy and many other public policies attempting to deal with contemporary problems is critical to effective managerial decisions. We will particularly touch on the potential impacts of the recent Brexit vote and current concerns in Italy, along with European Bank and Bank of England actions.
This course will make limited use of calculus (covered in class, no prior background required), but an understanding of algebra is essential.

Voraussetzung: Anwesenheit bei der Vorbesprechung am 31. Mai 2017 um 17:00 Uhr im Raum 4U102b 

The University of New Orleans International Summer School program has a mandatory class attendance policy. All students are required to attend class for all morning classes and any required afternoon and/or weekend fields trips and lectures. No unexcused absences are allowed. However, LFU students who have to miss a UNO class due to LFU examinations in the first two weeks of our program, can receive one excused absence for this. Any further unexcused absences will result in an academic penalty. Each faculty member determines the penalty for missed classes. Most professors deduct a letter grade for each additional missed class day. For details, please refer to your course syllabi, which will be distributed on the first day of class. Mail: Center-New-Orleans@uibk.ac.at

Die Anrechnung der Kurse der UNO-IBK International Summer School muss von den Studierenden selbst vorab mit den zuständigen StudiendekanInnen geklärt werden. Diese allein entscheiden über die Anerkennung der belegten Kurse für das jeweilige Studienfach. Es wird empfohlen, sich einen Vorabbescheid über die Anerkennung der Kurse ausstellen zu lassen.