Economics

Fjmá2TP05  -  Finance

This course covers the basic concepts of finance and investments. The core concept is the time value of money and its importance to finance. Furthermore, students study the role of indices and their uses. The roles of yield and capital cost are explained. The fundamentals of bonds are studied. In addition, the importance of economic investments is discussed, the main securities on the Icelandic market are explained, what stock valuation is, and the role of securities exchanges.
Student evaluation consists of assignments and tests.

Hagf1ÞF05  -  Macroeconomics and financial literacy

The basic concepts and main subjects of economics are introduced, dealing with the primary components of the economy and their interplay in a market society. The economic cycle is explained, and the main dimensions of the national economy and their interrelationship are discussed. The leading factors in economic development are covered, while economic problems are analysed with examples from the Icelandic economy.

Numerous ways of presenting economic material are introduced. Students are trained at reading line graphs and gain insight into the use of proportional calculation, indexes, weighted averages and further common methods of processing economic data.

The topics for financial literacy include: Salaries, unemployment, inflation, savings, interests, time value of money, consumer debt, assets.

Hagf2AH05  -  International Economics

Course description

The aim of the course is for students to understand better the operation of the national economy and the dynamic forces of economic development. Internal relationships in the economic system are explained, e.g. by explaining the economic cycle and by studying simple models. Concepts and theories on international trade are recapitulated in this course, focusing on international cooperation and the "globalisation" of economic affairs. Organisations that are active in the field of economics are introduced, e.g. the role of the Central Bank and other similar International institutions. Other topics that will be discussed include the cause and effect of inflation, growth of the money supply, the national product and economic growth in different countries.

Rekh2DH05  -  Micro Economics A

This course introduces the topics of economics, scarcity and choices, supply and demand. Students study a different kind of elasticity and its applications. Other topics include consumer choices, budget constraint, indifference curves, income and substitution effects as well as consumer surplus, producer surplus and total surplus, as well as market efficiency. Moreover, students are introduced to government policies, control on prices, taxes and subsidies.
Student evaluation consists mostly of tests but also on assignments.

Rekh3MU05  -  Micro Economics B

This course introduces the topics of different types of costs and the relationship between production and cost. The course analyses both costs in the short run and the long run. Students study different market structures and their feature. The role of firms in competitive markets are explained. The concepts of Monopoly, imperfect competition and price discrimination are studied. In addition, the course analyses monopolistic competition, Oligopoly, basic concepts in game theory and the economics of cooperation. Furthermore, students study profit maximization in different market structures and the effect of entry of barriers to a market. There is emphasis on the calculation through the use of examples.

Student evaluation consists mostly of tests but also assignments.

Rekh2MT05 - Micro Economics Principles

This course introduces the basic topics of economics, scarcity and choices, supply and demand. Students study different kinds of elasticity and its applications. This course introduces the topics of different types of costs and the relationship between production and cost. Students study different market structures such as: monopoly, oligopoly, monopolistic competition and perfect competition. Furthermore, students study profit maximization in different market structures and the effect of entry of barriers to a market. There is emphasis on the calculation through the use of examples.

Student evaluation consists mostly of tests but also assignments.

Þjóð2HK05  -  Macro Economics

The aim of the course is for students to understand better the operation of the national economy and the dynamic forces of economic development. Internal relationships in the economic system are explained, e.g. by explaining the economic cycle and by studying simple models. Many of the basic concepts of economics are analysed, including the national product and economic growth; savings, investment and the financial system; unemployment, which includes natural unemployment. The definition and role of money in the economy is discussed, as well as what the role of the Central Bank is. The importance of money supply is explained, and what are possible causes and effects of inflation. Other topics that are studied include; the growth of the money supply; the economics of open economies; short-run economic fluctuations; fiscal and monetary policies used to stimulate economic growth and stability. In addition to discussing the market system and some of its basic characteristics, externality theory and market failure are touched upon, with a focus on the environmental problems created by manufacture and consumption in industrialised societies.

Stój2HK05  -  Management

This course discusses the basic concepts and theories of management. The social changes that have caused the increased importance of business management are explained. Students are given an insight into the role of managers and the various managerial functions. Students study the management process, the different types of managerial structure, setting targets, using strategy and the role of human resource management. The course focuses on the management´s changing environment, globalization and technology. Students are introduced to the social and ethical responsibilities in management. 

Mark2HN05  -  Marketing

Course description

The course covers the basic concepts of marketing and the ways in which marketing theory is applied to the selling of goods and services. Particular attention is paid to the importance of marketing activities in an ever-changing business environment. The course analyses company market orientation, company operation and competitive market environment as well as market segmentation. Further topics include; target marketing, positioning, product development, product life cycle, promotion, digital marketing and corporate image.

Student evaluation consists of assignments and tests.