Principles of Business Administration and Management

The course introduces the fundamental elements of political economics and analytical accounting needed to understand the individual behaviours, markets functioning and to evaluate the cost-revenues flow of small production activities. The course explores the market theory and the behaviour of the entrepreneur and the consumer, with practical software exercitations focused on the representation of market equilibrium and the optimization of choices. Differential accounting analysis and break-even point analysis for the evaluation of investments in small businesses are also introduced during the course.

1. Knowledge and understanding: By the end of the course, the student must demonstrate knowledge of the fundamentals of political economy, including the functioning of markets, the interactions between supply and demand, and the different market structures (perfect competition, oligopoly, monopoly). Additionally, the student must demonstrate an understanding of managerial economics principles, particularly related to financial statements and applications of cost accounting.

2. Applying knowledge and understanding: The student must demonstrate the ability to apply acquired skills to graphically represent economic functions such as demand, supply, and business costs, as well as to perform accounting analyses for the allocation of indirect costs, break-even analysis of investments, and evaluation of cost-revenue flows.

3. Making judgments: The student must demonstrate the ability to critically evaluate the functioning of a market and the behavior of entrepreneurs and consumers, as well as to calculate the cost and unit contribution margin of various business activities.

4. Communication: The student must demonstrate the ability to comment on graphs representing economic functions in a structured and comprehensible manner and to explain the methodologies used in economic analyses, showcasing synthesis and precision.

5. Lifelong learning skills: The student must demonstrate the ability to independently learn how to use new tools for calculating and graphically representing economic phenomena.