The importance of understanding the principles of economics

“What accelerated my learning in the Economics for Managers module was Professor Juergen’s teaching style. Professor Juergen was excellent at engaging with us in discussions, regardless of our depth of knowledge in economics. Because of his open approach and encouragement to ask questions, I have learnt more than I had expected.”

This is how current Master in Management student Maryam Asadiyan from the United Arab Emirates summarized the Economics for Managers module. She now understands how important it is to learn about economics for both her career and her personal understanding of the environment around her. “I have learnt on a microeconomic level how several variables could affect supply and demand. On a macroeconomic level, I learned how financial and economic crises come about, and how to use policies and financial instruments as a remedy to alleviate inflation and unemployment.” The module was taught by Professor Dr. Juergen Kaehler.

About the Economics for Managers module
The Economics for Managers module introduces the principles of economics and seeks to study the functioning of markets, both at micro and macro level. At the microeconomic level, the students learned all about the behavior of consumers and firms, and tried to understand the process of price formation and output determination in various market structures. Special emphasis was put on the analysis of how costs influence a firm’s profitability. On the macroeconomic level, the students studied the causes and consequences of economic fluctuations and economic growth. They analyzed how the government can influence the economy to stimulate economic growth and to stabilize inflation and unemployment at acceptable levels. Also, some aspects of money and banking were covered.

Maryam also complimented the lecturer for his online teaching style. “Although this module was taught online, I did not feel that distance. With Professor Juergen’s enthusiasm, the interaction was highly engaging. Hearing my classmates’ viewpoints also contributed to the learning curve.”

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