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Management Economics (663)
Credits: 3

   

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  

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

Improve Your Ability to

• Analyze the process of management decision-making
• Evaluate the current economic climate

Professor: Gene Murabito, B.S., M.B.A.
Text:
The Economy Today by Bradley R. Schiller, McGraw-Hill

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