IUE334 Business Economics

Code IUE334
Name Business Economics
Status Compulsory/Courses of Limited Choice
Level and type Undergraduate Studies, Academic
Field of study Economics
Academic staff Karine Oganisjana, Tālis Laizāns, Ludmila Vasiļjeva
Credit points 4.0 (6.0 ECTS)
Parts 1
Annotation Evaluation of enterprise production and financial resources, incl. intangible assets, accounting of fixed assets, specifics of evaluation, revaluation, depreciation, exclusion; long-term financial assets; methods of current assets valuation; accounting in production, incl. calculation of total production prime cost, process prime cost, models of profit and loss account, annual report..
Goals and objectives
of the course in terms
of competences and skills
Business economics is a study course that provides the comprehension of a business as an economic system with the aim to help students understand the process of taking business-related decisions and learn a skill of independent economically sound decisions making. Specific objectives: comprehend a business as an economic system; be able to apply economic theories, models, methods in assessment of alternative economic impact options, provide economic information with the help of calculations, plans, reviews and statistical data, evaluate the use of information in decision making; apply economic knowledge, communication skills.
Learning outcomes
and assessment
Has mastered the knowledge of the economic importance of capital and investment in entrepreneurship, their types and use in the composition of assets and liabilities. - Tasks and homework assessment – passed (yes or no) and allowed to take the exam. The homework – statistical data summary, asset and capital structure determination.
Comprehends the role of long-term investments, their types and their relation with equity. Able to determine the need for long-term investments and fixed assets. - Task.
Comprehends the importance of working capital in business, its types and sources. Able to identify the need for current assets. - Task.
Comprehends the business potential and the system of indicators characterizing its use. Knows how to balance the company's potential with production and sales. - Task.
Comprehends the cost determination process, methods to be used, their classification and economic importance in entrepreneurship. Able to identify the prime costs of products and services. - Task.
Able to calculate the earnings and profitability indicators. - Task.
Able to compare and use the economic information, which describes various business performances. - Task. Final test - exam evaluated according to the 10-grade system.
Course prerequisites The study course is based on the knowledge acquired during the first academic year, i.e. macro and microeconomics, mathematics.

[Extended course information PDF]