Economics

“Economics: the only field in which the same questions have different correct answers each year.” – Danny Kaye

The aim of Economics as a subject is to examine the national economy as a system composed of all economic actors and activities.

Economics, often referred to by its German abbreviation VWL, prepares you for your roles as an informed citizen, consumer, and working professional, while also helping you acquire practical skills relevant to both higher education and the job market. At the vocational grammar school, Economics is taught in conjunction with Business Administration with Accounting, Data Processing, and the Seminar course. It is taught one hour per week in the introductory phase and two hours in the qualification phase.

During the introductory phase, you will be introduced to fundamental concepts and issues in macroeconomics. These foundational skills will be developed and expanded in the qualification phase. Upon successful completion of the subject, you will be able to contextualize, analyze, and evaluate current economic issues within a broader macroeconomic framework.

Key skills and knowledge acquired in Economics include:

Introductory Phase

• Core macroeconomic terminology, the economic principle, economic cycles, and the factors of production
• Overview of economic sectors and structural change in Hamburg/Germany
• The effects of ongoing globalization

Qualification Phase

• Basic principles of government economic policy in a social market economy

In addition, three of the following elective topics are covered:

• Evaluate the economic and social significance of income and wealth distribution policies
• Analyze and assess market competition and corporate concentration
• Explain and examine monetary theory and the European Central Bank’s monetary policy
• Highlight the significance of international economic relations for the German economy
• Address the tension between economic growth and environmental sustainability in the context of globalization