Introduction to Business

Aims of the course

To introduce students to basic economic and accounting concepts and analytical tools used in business.
To develop knowledge that enables faster and better understanding of specific business courses in further study years.
To develop understanding of the nature and problems of business processes in companies and other organizations.

Course syllabus

1. Introduction: companies and other organizations; profit and opportunity costs
2. Business process, phases in the business process, business process resources;
3. Theoretical aspects of production and their relation to business practice in companies and other organizations
4. Costs and their different classifications
4.1. Cost behavior and related concepts: fixed costs, variable costs, marginal costs, cost elasticity, contribution margin and break-even point, optimal quantity of production
4.2. Relationship between the theory of production and the theory of costs
4.3. Primary cost types: depreciation, labor cost, cost of material, cost of services
4.4. Product costing and related concepts: performance and cost objects, direct and indirect costs, costing methods
4.5. Decision-making based on cost information
5. Accounting statements: Income statement, cash-flow statement, and Balance sheet:
5.1. Revenues and expenses, cash inflows and cash outflows
5.2. Profit and loss
5.3. Assets and liabilities
6. Performance of organizations
6.1. Productivity, efficiency, profitability
6.2. Differences in performance measurement between companies and other organizations
7. Pricing policy
8. The importance of sustainable development goals (SDGs) in business performance (workshop with an assignment to be submitted)

Course director(s)

  • Office Hours
  • Thursday at 11:00 in P-336
  • Office Hours
  • Wednesday at 14:00 in RZ-201
  • Office Hours
  • Wednesday at 14:00 in D110
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