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.
- 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.
Credit Markets and Globalization
- Project the effect of credit markets on the economy.
- Project the effect of global economic conditions regarding trade and specialization business decisions.
Improving Business Decisions
- Apply economic concepts in making business decisions.
- 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.