Aim
To

• give the student a basic but qualified introduction to the subject of Business Economics and Administration

• give the student training to be able to analyse the economic results and financial statement of a business

• give the student training in product and investment theory and strategies

Knowledge and understanding
For a passing grade the student must

• understand and explain the financial results and the financial position of a company using its financial and market key ratios

• describe the differences between a companies fixed and variable costs

• calculate a company´s break-even point adn safety margins

• calculate and analyse the economic outcome of the various methods for product and investment theory that a company can use

Skills and abilities
For a passing grade the student must

• identify and interpret the issues of business administration by using a company´s periodical and end of year statements/balances

• use simple models to describe product and investment theory and strategies

• delineate a company and its surroundings from a business administrative perspective and explain the basics of this company for students during the course of study and, after having finished the course, be able to discuss the elementary issues of business administration with managers and colleagues in the workplace

Judgement and approach
For a passing grade the student must

• show the ability to assess a company´s financial development from its periodical and/or end of year statements/balances

Contents
In order to achieve a greater understanding of the connection between the problem areas and the operations of a company the students will, parallel to this course, take part in an interactive business simulation enabling them to apply economic theory to a virtual reality. The course is carried out as a distance course containing the following areas of Business Administration: Business concept, Association Law, Management Accounting, Cost-Benefit Analysis, Investment Assessment, Financial Analysis, Budgeting, Cash Flow Analysis and Financial Accounting.

The teaching is carried out through multi-medial lectures, by the study of course literature and through the active participation in a simulation program/business game (equivalent to a case study). The business game spans over two fictive years, both ending in the annual accounts, totalling 10 labs/sessions/quarters. Before each new lab/session the participant applies his/her newfound knowledge gained from studying the literature and taking part of the recorded lectures, by making decisions relevant to the topical area of business administration for his/her virtual company. Before starting a new lab/session the participant verifies his/her knowledge both by answering questions relating to the assigned literature and the current lecture and also by analyzing and commenting the outcome of their virtual company following the last lab/session.

This course requires the student to partake in at least eight out of the 10 labs/sessions of the business simulation.

Literature
Carlsson, M: Ekonomi for icke-ekonomer. Liberekonomi 2002. ISBN 47-06283-5

Code: 0108. Name: Written Tasks: Business Key Ratios.
Higher education credits: 0,5. Grading scale: UG. Assessment: The written assignment consists of calculations of various key ratios, pertaining to the latest round of the business simulation game.

Code: 0208. Name: Written Task: Report.
Higher education credits: 2. Grading scale: UG. Assessment: The written assignment consists of an essay in the form of a board report. this should include analysis and comments on the variances between budget and actual outcome of the (virtual) company that the student has been the manager of in the business simulation.

Code: 0308. Name: Written Examination.
Higher education credits: 5. Grading scale: UG. Assessment: The written examination consists of questions concerning product and investment calculation and the computation of key ratios. The student must also show a comprehensive knowledge of the subject presented in lectures and literature.