IRE303 Model of Functioning of the Economic System (business game)

Code IRE303
Name Model of Functioning of the Economic System (business game)
Status Courses of Free Choice
Level and type Undergraduate Studies, Academic
Field of study Economics
Faculty
Academic staff Maija Šenfelde, Aleksandra Mihņenoka
Credit points 2.0 (3.0 ECTS)
Parts 1
Annotation The development of economy, turnover, the state revenues and expenditures. Economic data of companies, profit and loss account, balance sheet maximization of the profit in the production. Interaction between the company and the environment. Financial investments. The role of the government in resolving social, economic and ecological problems. Economic losses caused by the pollution of environment to the society..
Goals and objectives
of the course in terms
of competences and skills
The aim is to use the acquired knowledge of economics in order to maximize a private benefit in “Ecosys” business game and to contribute to the economic development of the country. The tasks: to be able to use the acquired knowledge of economics for analyzing and estimating the certain economic situation; to be able to use the relevant indicators in order to analyse business performance and make optimal decisions; to be able to independently determine strategic objectives; to be able to develop a specific action plan for the next planning period; to be able to evaluate the short- and long-term consequences of the decisions made; to be able to create an environmentally friendly concept.
Learning outcomes
and assessment
Upon completion of the study course, the students is able: 1. to show the understanding of economic processes from the perspective of different entities in the market and the role of the state in resolving social, economic and ecological problems; - the input data processed by software and reports of findings
2. to analyse a certain situation in production, to plan optimal amount of production, the necessary production facilities, resources, including raw materials, energy resources, employers, etc.; - assignments
3. to make decisions in order to improve individual and social benefits; - the input data processed by software and reports of findings
4. to evalue stock dividend yield, earnings per share, return on equity and to show the understanding of direct and indirect return on ordinary shares. - assignments
Course prerequisites Preliminary knowledge of entrepreneurship and economics is preferred.

[Extended course information PDF]