Management Economics (663)
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:
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
Texts: The Economy Today by Bradley R. Schiller, McGraw-Hill