Applied Microeconomics for Business

Catalog description

This course presents an overview of microeconomic theory as it relates to the individual business. Students will learn about scarcity and opportunity costs as core concepts in economic analysis and consider interdependence and gains from international trade. They will evaluate economic equilibrium conditions using supply and demand models, and differentiate between market types, seeking to understand the conditions necessary for building a competitive advantage. They will calculate and analyze cost, pricing, and revenue variables. Students will study why markets fail and discuss the causes of income inequality and poverty, while integrating a biblical framework to guide their economic reasoning.