European Master and Certification Program
in Risk Engineering and Management

Managerial Economics

Course code: 128002
Language of instruction: English
Lecturers: Constantin Schubart, Prof. Dr. Dr. h.c. Dirk Linowski (Steinbeis University Berlin)
Assessment: Defined in the module

Short description

This course in Managerial Economics focuses on the practical implementation of economic principles and theories and educates students how to apply them in decision-making situations within organizations. Those decisions are always made under conditions of risk and uncertainty but can be improved through a sound understanding of the external environment and the use of appropriate tools and techniques.


The participants:

- will be introduced to the main concepts and the scientific methodology of business administration,

- will acquire knowledge needed for differentiating possible social, legal and political frameworks of companies,

- will understand the key corporate functions in their basic features,

- will understand the organization principles of an economic activity,

- will be capable of understanding basic corporate decisions and strategies, and

- will be able to understand the relationship between decision-making process and financial results.


Target Attendees / Participants

Students of Steinbeis Master of Business Administration

Course Content by Units

Subject and methods of business administration:

- Tasks and models of business administration

- Fundamentals of economics in companies

Introduction to fundamentals and frameworks of entrepreneurial activities:

- The economic order of social market economy

- Fundamentals of the tax system

- Fundamentals of corporate rules

Business accounting:

- Overview

- Financial Accounting vs. cost accounting

- System of financial accounting

- The annual financial statements: balance sheet and income statement

- Objectives and elements of controlling

- Basic concepts of cost accounting

Corporate structure and processes (organization):

- Overview

- Forms of corporate structures

- Working in projects

Teaching Methods

Classic lecturing

Free and interactive class discussion


P. Farnham (2014): Economics for managers, 3rd edition, Pearsons.

P. Krugman, M. Obstfeld, M. Melitz (2001): International Economics: Theory and Policy, 9th Edition, Addison-Wesley.

N.G. Mankiw (2011): Principles of Economics, 6th Edition, South-Western College Pub.

P. Samuelson, W.D. Nordhaus, (2009): Economics, 19th Edition, McGraw-Hill Education.

For more information about the European Master and Certification Program in Risk Engineering and Management in general, go the Homepage.
For more information about the European Master Program in Risk Engineering and Management in general, go the Master Study page.
To see more courses in the curriculum, go to The curriculum page, or by date and topic go to the Calendar of Courses page.
Contact: via email or phone +49 711 1839 781 or +49 711 1839 647
(Course profile ID: F1-3:, generated on September 24, 2021)