Advanced Business Economics
Contact Hours / Week:
Description of the course:
Economics is about the ordinary business of life and it is also the basis for many courses in Business. It also contains much of the conceptual material necessary for an intelligent understanding of business life. The approach in this course to the teaching of economic principles is to try to ensure that students acquire the necessary conceptual apparatus in a way that is both challenging and interesting. This is done by attempting to ensure that the material is presented in a lively, interesting and relevant fashion. We will constantly use current real world examples to illustrate the application of concepts.
It provides the fundamental concepts of microeconomics that explain how economic agents make decisions and how these decisions interact. It explores the principles underlying macroeconomics that explain how the economic system works, where it fails and how decisions taken by economic agents affect the economic system. The goal of this course is for you to develop the skills necessary to make optimal managerial decisions given different situations, environments, and information sets by applying economic theory, which involves analytical work.
Upon completion of the course requirements, the students will be able to:
1. Understand and be able to apply the concepts of supply and demand, equilibrium, and the factors that shift supply and demand to analyze the behavior of real markets when conditions change.
2. Analyze the impacts of restricting markets from reaching the competitive equilibrium through price controls, taxes, and subsidies.
3. Understand the difference between monopoly markets and competitive markets.
4. Understand the nature of production in the modern economy. Be able to identify the profit maximizing price and the relationship between different types of cost.
5. Understand and apply the basic concepts of macroeconomics including the principles of banking, money-creation, income-determination, inflation and unemployment
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