Course description for 2025/26
Introduction to Business Economics
ECO1020
Course description for 2025/26
Introduction to Business Economics
ECO1020
The course introduces key economic concepts, models, and management tools. Students also gain an understanding of specific economic issues that may arise in veterinary practice and society in general.
The teaching method is lecture-based.
The lectures will cover the following topics:
- Presentation of basic concepts e.g. company, finances, goals, value creation.
- Variable and fixed costs. Introduction to linearity and non-linearity in the variable costs, and reflection on "fixed" costs
- Income generation.
- Calculation in a service-providing business; the calculations and the purpose of the calculations.
- Investments with consequences for e.g. fixed costs (capacity costs).
- Capital tying up, financing problems.
- Cost-Result-Volume analysis.
- Accounting: Balance sheet and income statement. Analysis of accounts (understanding of key figures).
Only students on Joint Bachelor Degree in Animal Science may attend this course.
Upon completion of the course the students will:
Knowledge:
- Has basic knowledge of costs, revenues and profitability
- Has basic knowledge of accounting
- Has basic knowledge of calculation in the service sector
- Has basic knowledge of the difference between business and socio-economic profitability
Skills:
- Can account for, and define, key economic concepts
- Can carry out analyses to find the optimal price and production quantity in a business
- Can carry out product calculations in service activities
- Can carry out simple analyses of a company's financial statements
- Can conduct a simple investment analysis
General competence:
- Can use the key economic concepts in the communication of economic related issues in enterprises in particular and in society in general
- Can discuss the importance of the finance function in enterprises and discuss how financial management of an enterprise should take place
- Can discuss ethical challenges in the exercise of financial management in enterprises
No tuition fees. Semester fees and cost of course literature apply.
Compulsory
16 hours of lectures, group work and individual problem solving.
Evaluation using surveys. Students are also encouraged to participate in the central quality surveys.
Combined evaluation
Coursework requirement, approved/not approved
Written school exam, 3 hours, grading scale A - F