Managerial Economics

Catalog description

Economics is the study of how resources are allocated. People of a nation and their government decide how much of a commodity should be produced and how that commodity is allocated. The allocation is done by a price system in free markets. There, prices determine how commodities are to be allocated, and prices determine how much should be made by a business. Microeconomics conveys the study of this allocation system to the level of an individual business. For over 200 years, business behavior has been carefully studied, conclusions made and tested, the models formulated and refined. Managerial Economics draws on the principles of economics and applies them to managerial decisions. It is incumbent on the student to be well versed in economic theories, models, and concepts so that their applications are pertinent, appropriate, and well-reasoned. This course satisfies a assessment requirement for this program and is not eligible for transfer credit.