GSB 611 Economics for Managers

Credits: 
3

Economics is the foundation for all business applications. This survey course, in macro and micro economic theory, establishes student understanding of economic principles and policies and their impact on business and its environment.

Course Objectives

Upon successful completion of this course, a student will

Have facility with the following economic principles and concepts of microeconomics:

  1. Demand and supply market analysis.
  2. Elasticity calculation of own price elasticity of demand and calculation of costs of the firm
  3. Maximization concepts including the consumer with marginal utility and the firm with profits.
  4. Determination of the firm’s profit maximizing quantity in perfect competition and monopoly as well as contrasting the competitive market price and monopoly price.
  5. Market failures: why they occur and government action as a possible solution.

Have facility with the following economic principles and concepts of macroeconomics:

  1. Gauges of the macro-economy GDP, CPI, and the unemployment rate.
  2. The effect of the interactions of private, public, and international sectors on GDP, CPI, and unemployment rate, in the short run and in the long run with the understanding that:
    1. Private sector includes financial intermediaries and the money supply.
    2. Public sector encompasses fiscal policy and monetary policy.
    3. International sector encompasses exchange rates as well as exports, and imports.