The VU "Specialized course in economics" (GW M 1.3) analyzes the behavior of individual economic agents (households and firms) and the consequences of individual conduct on market outcomes. The aim of the course is to allow students to assess, under which conditions markets work efficiently, and to evaluate the consequences of policy interventions. After attending this course, students should be able to follow economic debates more thoroughly.

The VU (3 ECTS/2 hours) will be held weekly over the entire semester. Information on the schedule (including the date of the exam) as well as course material will be provided online at www.EduAcademy.at/gwb, opens an external URL in a new window. We use the textbook "Volkswirtschaftslehre" of Paul Krugman and Robin Wells (2017) as our main reference. Students are expected to participate actively in class, and the lecture will by supplemented by "classroom games" to improve the students' understanding of terms like equilibrium, consumer surplus or deadweight loss.

The VU ends with a written examination. The overall grade depends on the written examination (80%) and on participation in class (20%). Students have to obtain at least 50% of all points at the exam and have to obtain at least 50% of the weighted average of exam and participation in class to pass the course.