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Management
Economics (663)
Credits: 3
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Management economics concerns
itself with the application of micro and macroeconomic
principles to the organization and conduct of a business
enterprise. It provides an understanding of the economic
concepts, institutions, and methods for analysis of
the firm, the nation and the world. Its principal purpose
is to indicate how economic analysis can be utilized
to illuminate the process of management decision making
and to help improve the quality of those decisions.
The course is designed
to provide techniques for analyzing the firm's immediate
economic environment including
the nature of industry demand and supply, the interrelationship
between the firm's production and cost functions
and the pricing decision, the effect of market structure
on the behavior of competitors, and an understanding
of the characteristics, limitations, and use of economic
information available to the firm from public and
private
sources. It is designed to illustrate the major tools,
concepts and institutions of economic thought and
their application to the making of business decisions
and
the formulation of policies.
Subjects covered include:
| Scarcity and the Allocation of Scarce Resources |
The Product Markets: The Basics of Supply and Demand |
| The Economy of the United States in Perspective – Supply and Demand |
The Competitive Firm in a Competitive Market |
| The Public Sector |
Monopoly, Oligopoly, and Monopolistic Competition |
| National Income Accounting |
Regulation and Deregulation and the Interests of the Consumer and the
Environment |
| Unemployment and Inflation |
The Farm Problem |
| The Business Cycle |
The Labor Market and Unions |
| Aggregate Demand – Self-Adjustment of Instability |
Financial Markets |
| Fiscal Policy Options |
Equity and Efficiency in Taxation and Social Spending |
| Money and Banking |
International Economics |
| Supply Side, Growth and Productivity Policy Options |
Policy Constraints: The Global Economy and Theory Versus Reality of Economic
Policy |
| The Federal Reserve and Monetary Policy |
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| Increase
Your Understanding of |
• Micro and macroeconomic principles
• How market structure affects behavior
of contractors
• Unemployment & inflation
• Fiscal versus monetary policy
• International trade
• Exchange rates
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| Improve Your
Ability to |
• Analyze the process of management decision-making
• Evaluate the current economic climate
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Professor:
Gene Murabito, B.S., M.B.A.
Text: The Economy Today by Bradley
R. Schiller, McGraw-Hill |