Practical economics with calculations

Learning outcomes:

• Discuss the role of economics and statistics in a business
• Perform calculations on practical examples in a business, which increases understanding of economic and statistical transactions.
• Perform basic statistical tests
• Provide recommendations for good, sustainable choices for businesses based on calculations
• Discuss economic and statistical concepts, number-based choices and consequences

Topics:

• Simple arithmetic, algebra and graphical presentation of economic problems, including simple functions and equations
• Percentage calculation
• Financial key figures
• Calculation basis and selective calculation
• Break-even analysis
• Descriptive statistics
• Simple analysis of variance
• Cross-tabulation analysis/covariance

Knowledge

The candidate must:

1. be able to use numerical calculations to interpret and solve concrete business financial problems

2. be able to produce and use calculation bases to gain a comprehensive understanding of business economic problems

3. have an understanding of the use of statistics in business economics problems

Skills

The candidate must:

1. be able to calculate on interest rates and financial problems

2. be able to calculate on cost and income functions, and solve simple equations that describe economic relationships

3. be able to analyze and discuss financial break-even problems

4. be able to use calculation techniques to find financial key figures and be able to use these as a basis for financial decisions (contribution margin, gross profit, profit margin, cost methods, contribution methods, etc.)

5. be able to apply simple descriptive statistics, perform simple analysis of variance and cross-tabulation

Competence

The candidate must:

1. be able to use mathematics to find possible solutions to practical economical problems

2. be able to transfer solving techniques for one type of financial problem to another

3. be able to understand simple statistical methods and apply them to economical problems

Pedagogy:

Combined sessions with lectures, arithmetical exercises in groups and briefing/ debriefing in plenary.

This course emphasizes collaborative learning.