This course applies economic concepts to make management decisions. 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.
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Credit Markets and Globalization
- Project the effect of global economic conditions regarding trade and specialization business decisions.
- Project the effect of credit markets on the economy.
Improving Business Decisions
- Apply economic concepts in making business decisions.
- Choose methods to increase revenue in an organization.
- Explain market equilibrating process.
- Identify production level to maximize profits.
- Explain how to balance fixed and variable costs.
- Apply economic cost concepts in making business decisions.
- Determine pricing strategy to meet organizational goals.
- Determine ways to create non price barriers to entry based on market structure.
- Determine ways to increase product differentiation based on market structure.
- Determine ways to reduce costs for an organization.
- Determine the economy's stage in the business cycle.
- Evaluate current macro economic condition based on key indicators.
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