Economic Thought

• Define the fundamental concepts of economic thinking.
• Describe the predictive and explanatory features of the demand and supply model and the role of price.

Microeconomics I

• Apply the concepts of price and income elasticity of demand.
• Explain cost concepts and profit maximization principles.

Microeconomics II

• Explain an industry as the aggregate of individual suppliers and consumers.
• Differentiate among the pure competition, monopoly, oligopoly, and monopolistic competition market structures.
• Describe the pricing and non-pricing strategies in each market structure.

Macroeconomics I

• Explain the concepts and measurements of GDP, the business cycle, unemployment, inflation, and interest rates.
• Identify sources of data for key macroeconomic indicators.
• Explain how money is created.
• Explain the methods and objectives of the central bank’s monetary policy.
• Describe the impact of fiscal policy on an industry.

Macroeconomics II

• Describe how the macroeconomy frames the remote, industry, and operating environments.
• Identify useful sources of information for environmental scanning.
• Examine the role of trade and the theory of comparative advantage.
• Identify barriers to trade and the reasons countries impose them.

Global Perspective

• Describe the influence of different cultural perspectives on global business operations.
• Describe the influence of regional trading organizations on business opportunities and constraints.
• Describe how companies allocate operations and resources according to comparative advantage.