Economic Theory and Business Effectiveness

Catalog description

This course will introduce students to the powerful and practical applications of micro and macroeconomic theory. This course will address the importance of understanding the framework of economics and how its tools can be used to develop solutions to the problems encountered in the management of complex organizations. Micro-level topics covered will include demand and consumer behavior, empirical cost analysis, pricing practices, and market structures. The macroeconomic environment in which a business operates will also be analyzed; including, aggregate income, unemployment, inflation, interest rates and exchange rates and how these factors effect organizational performance and strategy. The course will conclude with a capstone business environment plan which invites students to apply the empirical tools and economic theories they have become proficient with to create a comprehensive analysis of the microeconomic and macroeconomic environment for a business. Course assessments will include reviews of scholarly journal articles, case studies, quizzes and a capstone project.