Business Administration

The scarcity of goods and resources forces people to deal with them economically, i.e. to use them efficiently. Many different actors are active within the complex economic system. The subject of study of business administration (BWL) are the public and private companies as the producing side of the economy. Companies of all sizes produce tangible and intangible goods and services. The business administration examines companies from different perspectives: in this way, the various functions that are necessary for the creation of goods can be analyzed. In addition, individual development phases of such a social system (from the founding phase to liquidation) are analyzed or special features of individual economic sectors are highlighted. In addition, the business administration also looks at the interaction of a company with its diverse stakeholders (owners, employees, customers, state and society, competitors, etc.). Business administration sees itself as an applied science that applies the knowledge gained from basic science to questions and problems that come from practice. It is an empirical science, but it also develops independent theories and models to derive recommendations for action.

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