Arbeitswelt und Wirtschaft – ‚How the economy works‘
As part of our elective Arbeitswelt und Wirtschaft, our group visited the FH Joanneum for the workshop How the Economy Works. Right from the start, we were welcomed warmly and introduced to an interactive session that allowed us to explore economic concepts in an interesting way.
The first step into the workshop was a matching game using cards with key economic terms and their definitions. Concepts like inflation, recession, unemployment rate, trade deficit, GDP or purchasing power were included. Our task was to match each term with the correct definition– for example:
- “A period of economic decline” → Recession
- “Prices decrease over time” → Deflation
- “A situation where a country imports more than it exports” → Trade Deficit
- “The total value of all goods and services produced” → GDP
What seemed simple at first quickly turned into an exciting challenge. Together, we discussed our ideas, compared interpretations and tried to understand how the different terms connect. Afterwards, our workshop leader Ms. Anita Macek explained each concept in more detail and showed us how they influence real-world economic developments.
‚How the economy works‘
The atmosphere was open and engaging, and we had the chance to ask questions and share our thoughts. Overall, the workshop gave us a clearer and more practical understanding of how the economy works and how different factors depend on each other. It was a very enriching visit and a great opportunity to get a taste of how economic topics are taught at university level.
Max B. und Clemens St.