Economics –

eco561pr

(3 credits)

This course applies economic concepts to make management decisions in Puerto Rico. Students employ the concepts of scarce resources and opportunity costs to perform economic analysis. Other topics include supply and demand, profit maximization, market structure, macroeconomic measurement, money, trade, and foreign exchange.
This graduate-level course is 6 weeks. This course is available as part of a degree or certificate program. To enroll, speak with an Enrollment Advisor.

The Basic Concepts for Economic Reasoning

  • Analyze how economics explores the use of scarce resources and forces choice among alternatives.
  • Explain the economizing problem and the models used in economics.
  • Analyze how the laws of supply and demand determine equilibrium price and quantity.
  • Explain the relationship between price elasticity of demand and total revenue.

Cost Concepts & Profit Maximization

  • Differentiate the costs of production in a firm.
  • Explain profit maximization principles in a purely competitive market.
  • Apply incremental cost and contribution analysis to make a business decision.

Market Structure & Strategic Choice

  • Differentiate among the pure competition, monopolistic competition, oligopoly, and monopoly market models.
  • Describe pricing and nonpricing strategies in monopolistic competition, oligopoly, and monopoly market models.
  • Describe the role of technology, R&D, and efficiency within the market models.

Macroeconomic Basic Concepts, Measurement, & Fiscal Policy

  • Compare the concepts and measurement of Gross Domestic Product (GDP) in Puerto Rico to the United States.
  • Analyze the trends and cycles of real GDP growth in business cycle.
  • Analyze the causes and remedies of unemployment and inflation.
  • Analyze the basic macroeconomic relationships.

Money, Creation & Control and Monetary Policy

  • Explain the concepts of money and interest rates.
  • Explain how banks create money.
  • Evaluate the effectiveness of the central bank’s monetary policy in stabilizing the economy.

Global Context: Business Beyond Puerto Rico’s Shore

  • Explain the concept of comparative advantage and its recommendation for specialization.
  • Explain the effects of barriers to free trade and the reasons countries impose them.
  • Apply foreign exchange market principles and exchange rate risk management to make business decisions in Puerto Rico.

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