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.
Analyze the causes and remedies of unemployment and inflation.
Analyze the trends and cycles of real GDP growth in business cycle.
Compare the concepts and measurement of Gross Domestic Product (GDP) in Puerto Rico to the United States.
Market Structure & Strategic Choice
Describe the role of technology, R&D, and efficiency within the market models.
Describe pricing and nonpricing strategies in monopolistic competition, oligopoly, and monopoly market models.
Differentiate among the pure competition, monopolistic competition, oligopoly, and monopoly market models.
Cost Concepts & Profit Maximization
Apply incremental cost and contribution analysis to make a business decision.
Explain profit maximization principles in a purely competitive market.
Differentiate the costs of production in a firm.
The Basic Concepts for Economic Reasoning
Explain the relationship between price elasticity of demand and total revenue.
Analyze how the laws of supply and demand determine equilibrium price and quantity.
Explain the economizing problem and the models used in economics.
Analyze how economics explores the use of scarce resources and forces choice among alternatives.
The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Advisor.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.