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Economics of the Firm

2022/2023
Учебный год
ENG
Обучение ведется на английском языке
3
Кредиты
Статус:
Курс по выбору
Когда читается:
2-й курс, 4 модуль

Преподаватели


Телехов Игнатий Игоревич

Course Syllabus

Abstract

The purpose of Economic of the Firm course is to acquaintance students majoring in economics and management with the way modern business practices are organized. It covers the topics of firm types, their lifecycle and associations as well as the structure of financial statements and information it can provide for managers. The core topics of the course focus on policies to rise firm efficiency and on the way fixed and current assets are used to create a stream of profits and cash flows.
Learning Objectives

Learning Objectives

  • The course aims to form a holistic view on different aspects of functioning of firms in the modern economy, develop skills in using tools to analyze efficiency of enterprises. Practical classes are based on solving problems and conducting complex economic calculations, which help to understand the specifics and provide basic tools for the work of an economist and a financial manager in a firm. Classes aim to form the habits of practical economic thinking and the ability to see opportunities for optimizing the activities of an enterprise, assess the level of economic efficiency, as well as determine the choice of an economically feasible strategy and tactics of firms.
Expected Learning Outcomes

Expected Learning Outcomes

  • Be able to understand the notion of a firm;
  • Be able to istinguish between different legal forms of organizations
  • Be able to name different classifications of organizations
  • Be able to choose between different legal forms of organizations depending on goals, financial needs, desired level of liability and ease of selling the share of the business or attracting new owners
  • Be able to know three types of statements of each firm: the balance sheet, the income statement, and the cash flow statement, and information they can provide
  • Must know and understand relationships between different types of fixed (non-current) assets and their role in business operations
  • Must know and understand relationships between different types of depreciation and amortization policy’s, their distinctive features and ways to calculate them
  • Must know and understand relationships between indicators and ratios that show efficiency with which fixed assets are used and ways to improve it
  • Be able to know and understand relationships between different types of current assets and their role in business operations
  • Be able to judge how efficiently the firm uses its assets using the concept of working capital and turnover rations
  • Be able determination of the need for working capital
  • Be able propose measures to improve efficiency of different parts of working capital
  • Be able to know and understand relationships between different types of costs
  • Be able to analyze cost structure of a firm
  • Be able to apply the main methods of cost calculation and distribution of indirect costs (basic cost allocation, direct-costing, activity-based costing)
  • Be able to apply break-even analysis and name its strengths and weaknesses
  • Be able to know and understand different types of firm income measurements
  • Be able to calculate profitability ratios and apply them to rise firms efficiency
  • Be able to apply Strategic Profit Model in firm analysis and decision-making
  • Be able to read and interpret business press articles with analytics concerning specific firms
  • Must know and understand relationships between different types of business associations
  • Must know and understand relationships between can name reasons why business associations are formed an what problems they can solve
  • Must know and understand relationships between what are mergers and acquisitions and how to fight hostile takeover
  • Must understand factors that drive the life cycle of the company, know main problems that arise at different stages of the life cycle and how to cope with them
Course Contents

Course Contents

  • 1. Introduction to the economics of the firm
  • 2. Fixed (non-current) assets
  • 3. Current assets and working capital
  • 4. Cost structure
  • 5. Income and profit
  • 6. Business associations
  • 7. Firm life cycle
Assessment Elements

Assessment Elements

  • non-blocking Work in Class
  • non-blocking Test
  • non-blocking Exam
Interim Assessment

Interim Assessment

  • 2022/2023 4th module
    0.25 * Work in Class + 0.25 * Test + 0.5 * Exam
Bibliography

Bibliography

Recommended Core Bibliography

  • Fundamentals of corporate finance, Brealey, R. A., 1995
  • Fundamentals of corporate finance, Brealey, R. A., 2018
  • Management accounting for decision makers, Atrill, P., 2009
  • Management accounting for decision makers, Atrill, P., 2012
  • Management and cost accounting, Drury, C., 2012
  • Management and cost accounting, Drury, C., 2015

Recommended Additional Bibliography

  • Розанова, Н. М.  Экономика фирмы в 2 ч. Часть 1. Фирма как основной субъект экономики : учебник для вузов / Н. М. Розанова. — Москва : Издательство Юрайт, 2023. — 187 с. — (Высшее образование). — ISBN 978-5-534-01742-7. — Текст : электронный // Образовательная платформа Юрайт [сайт]. — URL: https://urait.ru/bcode/511745 (дата обращения: 28.08.2023).
  • Розанова, Н. М.  Экономика фирмы в 2 ч. Часть 2. Производственный процесс : учебник для вузов / Н. М. Розанова. — Москва : Издательство Юрайт, 2023. — 265 с. — (Высшее образование). — ISBN 978-5-534-02104-2. — Текст : электронный // Образовательная платформа Юрайт [сайт]. — URL: https://urait.ru/bcode/513066 (дата обращения: 28.08.2023).
  • Экономика организации : учебник и практикум для среднего профессионального образования / А. В. Колышкин [и др.] ; под редакцией А. В. Колышкина, С. А. Смирнова. — Москва : Издательство Юрайт, 2023. — 498 с. — (Профессиональное образование). — ISBN 978-5-534-06278-6. — Текст : электронный // Образовательная платформа Юрайт [сайт]. — URL: https://urait.ru/bcode/516314 (дата обращения: 28.08.2023).