Economics as a school subject – overview
Economics has been a controversial school subject for years and yet you are sitting here and have either decided to do it or have to take it as a compulsory subject. No matter what, supports you in consolidating and expanding the subject matter. This not only prepares you for the next exam, but also for many aspects after school.
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economy topics
Economy (also called economics) describes all processes that create supply or demand. Individuals, companies, private households and the state all take part in economic activity. Every process in which people produce something or offer services also belongs to the economy.
Put simply, in economics you learn about pretty much everything to do with money. Yes, even if you buy a doner kebab, this action is part of the economy. But since that’s quite a lot, the topics in economics can be divided up a bit.
Business Administration
After you have got to know the market as a whole, you will also deal with the companies in the school subject Economics, which of course make up a large part of the economy. This aspect of the subject will Business Administration, called BWL for short. Business administration is about
- which areas a company has and how they work,
- how a business is run
- and how companies apply to the outside world.
There is for example three leadership stylesthat you will learn in economics in school: authoritarian, cooperative and laissez-faire.
You can learn more about the individual leadership styles in the summary «Leadership techniques». Incidentally, the management of a company often goes with one company formation along. You will also learn this in the school subject Economics!
Just as important as running a business internally, it is important that you run the business, too market can. There are market-oriented and resource-oriented approaches.
You can find more about various marketing strategies under the explanation of the same name with just one click.
economics
Unlike business administration, economics (VWL) deals with the Connections between state and economy. This includes e.g. B. the topic of unemployment, but also globalization and current economic developments.
Two important sub-areas of economics are micro and macroeconomics, which you will get to know in more detail in the following table.
MicroeconomicsMacroeconomics
- comes from the word «micro» (small)
- comes from the word «macro» (big)
- focuses on the individual and often deals with the distribution of scarce resources
- deals with national product, unemployment rate, inflation, production, investments, etc.
- discusses theories of budget, price and production
- includes theories on growth, the economy and income
You can learn more about the details of the theories in the respective summaries.
economic and legal
Law books provide the basis for all transactions, whether in business administration or economics. Here you will get to know some of the basic laws that are in the German Civil Code (BGB) and to which e.g. B. companies have to hold. This includes, among other things, the warranty according to paragraph 437 of the German Civil Code, which states that there is a right to a return or replacement if a product is defective.
You will also get to know the cornerstones of the German legal system in legal theory.
LawContentsCodesExamplesCivil lawConcerns affecting private individuals
- Civil Code (BGB)
- Purchases and sales (BGB, §433)
- Inheritance (BGB, §1922)
- Donations (BGB, §516)
Public law (ÖffR) issues in which the state is involved
- Basic Law (GG)
- Constitutional and administrative laws
- state law
- European law
- Sales tax (UStG, §12)
- Election principles (Article 38, GG)
Criminal LawPart of public law, deals with matters that are forbidden
- Criminal Code (StGB)
- Criminal Procedure Law (StPO)
- weapon law
- Narcotics Act (BtMG)
- Theft (StGB, §242)
- Principle of legality (StPO, §152)
To deepen your knowledge of the different legal forms and to learn even more specific laws, click directly through the explanations on the topics.
Economic Policy and Ethics
Economic policy, as you might recognize from the name, deals with the connection between business and politics. The goals of the policy are:
- stable price level,
- low unemployment rate,
- adequate and sustainable growth
- and external balance.
Particularly important is the financial or fiscal policy. They regulate how much money is in the treasury and what it is used for. That’s why taxes are the biggest part of fiscal policy. The state can actively intervene in the economy by raising or lowering taxes and thus ensure a stable market situation.
Economic policy also includes the European Central Bank and how it works. So if you’ve always been interested in how the euro works, click into the «ECB Monetary Policy» explanation.
Business ethics, on the other hand, is not only about the financial aspect of business, but also about moral values and principles that are anchored in a society. Nowadays, business ethics is therefore primarily about sustainability and justice the distribution of work.
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