em575 | Graduate

Energy Economics

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This course applies economic concepts to make management decisions in the energy sector. Students apply concepts of supply and demand to create an economic model of a sub sector of the energy industry. Other topics include scarce resources, opportunity costs, profit maximization, market structure, macroeconomic measurement, money, trade, foreign exchange, regulatory issues, and economic analysis.

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.

Course details:

Credits: 3
Continuing education units: XX
Professional development units: XX
Duration: 6

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    Macroeconomic Measurement & Basic Concepts

    • Analyze the macroeconomic concepts of unemployment and inflation and their linkages to energy consumption.
    • Explain the concepts and measurement of Gross Domestic Product (GDP).

    • Relate the trends and cycles of GDP growth to business cyles, energy prices, and policies.

    Fiscal and Monetary Policy

    • Define the concept of  money.
    • Evaluate the central bank's money policy in stabilizing domestic and foreign economies.
    • Assess the impact of macroeconomic policies, including trade, capital, and exchange rate policies, on domestic and global industries such as energy.

    Cost Concepts and Profit Maximization

    • Analyze different costs of production in a firm.
    • Explain profit maximization principles in a competitive market.
    • Apply incremental resource cost and contribution analysis to make a business decision.

    The Basic Concepts for Economic Reasoning

    • Distinquish between renewable and non-renewable energy resources.
    • Explain how the laws of supply and demand determine equilibrium price, elasticity, and energy exploration, and production in global markets.  
    • Explain basic concepts of economics.

    Domestic and Global Energy Markets

    • Analyze the competitive environment in an energy market.

    • Identify barriers to economic growth as a result of non-renewable resources.
    • Explain the impact of technology on a country's energy resource balance.

    Market Structure & Strategic Choice

    • Differentiate among the four major market structures in regards to pricing and non-pricing strategies.
    • Identify the market structures in various energy markets and the implications for customers, businesses, and governments.
    • Analyze the effectiveness of regulations in the energy sector.
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