The World of Economics and Entrepreneurship

Alfred Marshall described economics as “the study of mankind in the ordinary business of life.” How much are you willing to pay for ice cream on a hot summer day? Why professional athletes earn so much? Is there such a thing as a perfectly competitive market? Why has Google been accused of monopolistic practices?  Is Bitcoin a financial bubble or our future currency? Which are the key success factors for businesses in the modern economic era? What is a “start-up” company and how can it be financed?

The “world of economics and entrepreneurship” aims to answer these questions in a creative and exciting way; by investigating how various economic agents (households, firms and governments) make crucial decisions, students become familiar with the mechanisms that shape our current economic and business reality and therefore our society. During this course, students analyze basic economic and business concepts, such as supply and demand, scarcity of resources, cost of production, market structure, incentives, business strategy, innovation and more, and consider them in the context of today’s global economy.

Case studies and participation in the creation of a small “start-up” through a firm simulation game will provide useful insight into businesses organization, operations and decision-making. Upon completion of the course, students will acquire useful knowledge upon the basic functions of an economy and a business, becoming themselves responsible decision-makers in their everyday lives.