eco561pr | Graduate
This graduate-level course is 6 This course is available as part of a degree or certificate program. To enroll, speak with an Enrollment Representative.
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The Basic Concepts for Economic Reasoning
- Analyze how economics explores the use of scarce resources and forces choice among alternatives.
- Explain the economizing problem and the models used in economics.
- Analyze how the laws of supply and demand determine equilibrium price and quantity.
- Explain the relationship between price elasticity of demand and total revenue.
Cost Concepts & Profit Maximization
- Differentiate the costs of production in a firm.
- Explain profit maximization principles in a purely competitive market.
- Apply incremental cost and contribution analysis to make a business decision.
Market Structure & Strategic Choice
- Differentiate among the pure competition, monopolistic competition, oligopoly, and monopoly market models.
- Describe pricing and nonpricing strategies in monopolistic competition, oligopoly, and monopoly market models.
- Describe the role of technology, R&D, and efficiency within the market models.
Macroeconomic Basic Concepts, Measurement, & Fiscal Policy
- Compare the concepts and measurement of Gross Domestic Product (GDP) in Puerto Rico to the United States.
- Analyze the trends and cycles of real GDP growth in business cycle.
- Analyze the causes and remedies of unemployment and inflation.
- Analyze the basic macroeconomic relationships.
Money, Creation & Control and Monetary Policy
- Explain the concepts of money and interest rates.
- Explain how banks create money.
- Evaluate the effectiveness of the central bank’s monetary policy in stabilizing the economy.
Global Context: Business Beyond Puerto Rico’s Shore
- Explain the effects of barriers to free trade and the reasons countries impose them.
- Explain the concept of comparative advantage and its recommendation for specialization.
- Apply foreign exchange market principles and exchange rate risk management to make business decisions in Puerto Rico.
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