Objectives and competences
The objectives of the course are:
• define concepts in the field of economics;
• get to know and understand the importance of economics in logistics;
• get to know and understand the characteristics of the market, market structures and operations;
• get to know the elements of the business process and understand the role in the business process;
• get to know the costs and understand their characteristics;
• understand the importance of cost control;
• determine the selling price and be able to calculate the profit or loss;
• understand and evaluate company performance indicators.
Competences acquired by students:
• acquire knowledge in the field of economic theory;
• get to know and understand the functioning of the market and market structures;
• get to know and understand costs and calculations in business and logistics;
• understand the importance of profit or loss in the context of company performance.
Content (Syllabus outline)
Introduction to economics and its role in logistics
Definition of economics, rarity and choice, management
Microeconomics, macroeconomics
Market mechanism, offer and demand
Market equilibrium
Theory of production
Costs
Amortization
Calculation of costs of logistics services
Business decision in logistics
Theory of pricing
The importance of tariff systems
Incomes, expenses and business outcome
Market structures
Monopoly and total competitiveness
Risk and profit
Analysis of the threshold of cover
Efficiency, performance and competitiveness
Measuring efficiency and performance
Basic financial statements
Competitiveness
Achieving competitive advantage
Learning and teaching methods
Lectures: students understand the theoretical frameworks of the course. Part of the lecture course is in a classroom while the rest is in the form of e-learning (e-lectures may be given via video-conferencing or with the help of specially designed e-material in a virtual electronic learning environment).
Tutorials: Students enhance their theoretical knowledge and are able to apply it. Part of the seminar is in a classroom while the rest is in the form of e-learning (e- tutorials may be given via video-conferencing or with the help of specially designed e-material in a virtual electronic learning environment).
Intended learning outcomes - knowledge and understanding
Knowledge and understanding:
At the end of the course the student will be able to:
• define and understand the economics of the company and the links with logistics;
• understand the operation of market mechanisms;
• calculate costs and prepare a calculation;
• determine the selling price based on cost analysis;
• define company performance indicators.
Intended learning outcomes - transferable/key skills and other attributes
Transferable/Key skills and other attributes:
students gain relevant knowledge of business economics – microeconomics, that will enable them to better understand business legalities and economic evaluation as well as integration into team co-operation when making business decisions in marketing environment,
students develop greater independence of thought and the ability to solve problems.
Readings
Button, K. J. (2010). Transport economics (3rd ed.). Edward Elgar.
Jonsson, P. (2008). Logistics and supply chain management. McGraw-Hill.
Rebernik, M., & Širec, K. (2022). Ekonomika podjetja (5., spremenjena in dopolnjena izd.). Lexpera, GV založba.
Samuelson, P. A., & Nordhaus, W. D. (2022). Microeconomics (20th ed., Special Indian ed.). McGraw-Hill Education.
Additional information on implementation and assessment Successful completion of e-lectures and e-tutorial is a prerequisite for entering the exam.
Written exam 80%
Seminar work assignments 80%
