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Course level: Graduate
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. This graduate course is 6 weeks. This course has a prerequisite. Please see details in the Prerequisite section below. PLEASE NOTE: Attendance and participation are mandatory in all university courses, and specific requirements may differ by course. If attendance requirements are not met, a student may be removed from the course. Please review the Course Attendance Policy in the Catalog for more information.
This graduate level course requires proof of completion of a Bachelor's degree. Be prepared to provide documentation during the checkout process.
During the checkout process you will be prompted to provide proof of the requirement(s). If you completed the prerequisite at another institution be prepared to upload an official/unofficial transcript. If you have questions about meeting the prerequisite requirements for this course please contact an enrollment representative at 866-345-1800.
What you'll learn
Course skills and outcomes
- Learn how to think like an economist.
- Discuss how the supply and demand curves interact to determine equilibrium price and quantity.
- Define the price elasticity of demand and explain what determines whether demand is elastic or inelastic.
- Explain the invisible hand theory.
- Distinguish among three types of imperfectly competitive industries.
- Explain how misinterpretation of contextual clues can lead to poor choices.
- Use the concept of rational search to find the optimal amount of information market participants should obtain.
- Analyze how wages and employment are determined in competitive labor markets.
- Contrast the production and consumption opportunities in a closed economy with that of an open economy using the production possibilities curve.
- Define the nominal exchange rate, fixed versus flexible exchange rates, and real exchange rates.
- Define GDP per capita and how it relates to economic growth.
- Describe the role of financial intermediaries, such as commercial banks in the financial system.