Introduction to Business Management: Economics


Maxim A. Storchevoy, Senior Lecturer, Department of Strategic and International Management, Graduate School of Management, St.Petersburg University



1,5 ECTS; 15 contact hours






Goals and objectives:


The purpose of the course is to introduce basic concepts from economics to students who never studied this subject. We will discuss basics of microeconomics (marginal analysis, supply and demand, short and long run, general equilibrium), basics of macroeconomics (money and inflations, aggregate supply and demand,  unemployment, business cycles, governmental policies), and basics of institutional economics (transaction costs, institutions, contracts, property rights). 


The main purpose of the course is to prepare the students who have never been taught economics for successful learning of the core course of Managerial Economics as well as expanding their literacy and horizons.

General learning tasks:

  • Learning basic concepts of the economic theory (choice, scarcity, value, cost, opportunity cost, supply, demand, equilibrium, short and long run, efficiency, etc.)
  • Understand model thinking (ceteris paribus, limitations, goal function, rational choice, equilibrium)
  • Get an overview of economics as a science (classical economics, neo-classical economics, macroeconomics, institutional economics, evolutionary economics, Marxism).


Course Content:


Topic 1. What is Economics?

Topic 2. Supply and Demand.

Topic 3. Resource Markets

Topic 4. General Equilibrium

Topic 5. Contract Theory

Topic 6. Evolutionary Economics

Topic 7. Public Economics

Topic 8. Macroeconomics



Course Reading:

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