Economic Principles for Managers

Catalog description

In this course, students will illustrate the laws of supply and demand and their relationship to pricing signals in a market economy. They will have the opportunity to calculate price elasticity while given the opportunity to interpret the concepts of scarcity, opportunity costs, and comparative advantage as used in making business decisions. Students will illustrate the relationship between the concept of productivity, standard of living, and basic macroeconomic concepts. Financial systems will be described along with illustrating the difference between a price-taking firm and a price-searching firm. Various methods of calculating business operation costs will be explored. Students will be expected to apply biblical truth to economic concepts. Not open to students with credit in ECO-330.