Introduction to Business Economics
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).
Knowledge:
The student:
- 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:
The student:
- 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:
The student:
- 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.
Combined evaluation
Coursework requirement, approved/not approved
Written school exam, 3 hours, grading scale A - F
Simple calculator. Two bilingual paper dictionaries are allowed.
Generating an answer using ChatGPT or similar artificial intelligence and submitting it wholly or partially as one's own answer is considered cheating. Students must otherwise comply with Nord University's guidelines for the use of generative artificial intelligence (AI) in studies.