Objectives and competences
In this course students:
1. Get the basic grasp of introductory understanding of economics of the firm.
2. Learn about the applicability of economic reasoning and the basic economic foundations of production theory and cost theory.
3. Are familiarised with elements for successful solving of economic problems and decision-making in the key business fields and are aware of interdependence between them.
4. Are familiarised with and grasp the basic concepts of scarcity and choice, costs, benefits, decision-making, profit, risk, pricing, costing …,
5. Acquire fundamental knowledge of basic economic categories, concepts, principles, and rules, related to the functioning of the company.
6. Are familiarised with the importance of qualitative and quantitative judgements.
7. Gain the ability to exploit analytical tools in problem-solving and decision-making.
Content (Syllabus outline)
1. Introduction to business and business economics
2. Entrepreneur, entrepreneurship and the firm
3. Foundations of the traditional theory of the firm (production theory, cost theory)
4. Profit, company behavior in different market structures.
5. Industry and competition analysis
6. Cost management and costing
7. Pricing
8. Risk and economics of investment projects
9. Evaluating business performance
Learning and teaching methods
• classical lectures;
• AV presentations;
• tutorials;
• case studies;
• active group work.
Intended learning outcomes - knowledge and understanding
Development of knowledge and understanding:
Students:
1. Understand basic concepts of considering basic economic categories, concepts, principles, and rules, related to the functioning of the company.
2. Learn to apply)depreciation methods, costing and pricing methods, judgments of business performance and investments appraisal in solving business problems.
3. Can demonstrate awareness of ethical issues in the field of decision-making in the key business fields.
4. Are able to discuss ethical issues in relation to personal beliefs and values.
Intended learning outcomes - transferable/key skills and other attributes
Cognitive/Intellectual skills:
Students:
1. Can analyse with guidance using given classification/principles.
2. Can collect and arrange data and ideas in a standard way.
3. Can evaluate the reliability of data using defined techniques and under guidance.
4. Students develop greater independence of thought and the ability to solve problems.
Key/Transferable skills
Students:
1. Use ICT.
2. Develop skills for team work.
3. Develop professional ethics.
4. Develop learning techniques and strategies for individual study, permanent reflection and evaluation.
5. Develop interest for lifelong learning.
Practical skills:
Are able to act relatively autonomous and under supervision solve basic problems in the field of business economics.
Readings
Obvezna študijska literature (Compulsory textbooks):
Rebernik, M., Širec, K. (2022). Ekonomika podjetja. 5., spremenjena in dopolnjena izd. (drugi ponatis) Ljubljana: IUS Software, GV založba, 496 str., ilustr. ISBN 978-961-247-342-6. [COBISS.SI-ID 287270144]
(izbrana poglavja)
Dopolnilna literatura (Additonal textbooks):
Dodatna literatura in spletni viri bodo posredovani študentom na predavanjih (izbrani članki in gradiva, dostopna preko knjižničnih baz UM). Additional literature and online resources will be provided to students during lectures (selected articles and materials accessible through UM library databases)..
Additional information on implementation and assessment - coursework (20%)
- written exam (80%)
Written exam or written assessment with midterm exams. The written assessment includes two midterm exams. Students shall pass the written examination if they achieve a total of 56% of the maximum possible marks in both midterm exams.
