Economic and Business (SVUEK_035)
About Study Course
Objective
To develop an understanding about the main areas, which are within the scope of economics at micro and macro levels as well as to promote the knowledge about the role of entrepreneurship in economics, forms of entrepreneurship, legal aspects, work organization and financial planning.
Prerequisites
Secondary school level knowledge in economics, mathematics and statistics.
Learning outcomes
Students will be able to:
- explain the nature of basic economic issues,
- define the main economic goals and problems,
- evaluate the role of the state in the economy.
Students:
- will know the difference between economic, entrepreneurial and commercial activity,
- will be able to name the main legislative acts that regulate business,
- explain the necessity of economic activity accounting,
- define the basic principles of accounting,
- name and describe the types of business risks.
The students will be able to:
- distinguish the common and distinctive features of micro and macro economics;
- evaluate the strengths and weaknesses of various economic systems,
- analyze the behavior of market subjects;
- evaluate the socioeconomic situation in Latvia;
- compare the economic indicators of Latvia and other countries;
- compare the forms of business, identify their strengths and weaknesses,
- choose the appropriate form of business to the specific economic activity,
- develop a business plan, carry out SWOT and PEST analysis,
- establish an appropriate organizational structure, to identify the necessary resources.
The students will be able to apply their knowledge and to:
- discuss the influence of globalization on the of the national economy;
- analyze Latvian banking system, tax policy and budget;
- formulate and articulate the influence of fiscal and monetary policy on the socioeconomic situation in the country;
- analyze the business environment in Latvia and the state's role in promoting entrepreneurship;
- evaluate the efficiency of control methods;
- analyze the financial indicators of a business;
- evaluate the risks and ways to make decisions in order to mitigate and eliminate them.
