This course will introduce the fundamental economic principles and apply them to economic problems. The primary topics include scarcity and choice, the theories of consumption, production and markets, and the role of government and its' policies in those markets. Analysis of policy surrounding income distribution, agriculture/government regulation of business, labor organizations, and international trade/elementary microeconomic models will be addressed.
The changing economic system with its developing problems is studied from the simple circumstances of Colonial times, through the emergent industrialism of the middle period, to the complex, specialized, and diverse conditions of today. This includes an introductory survey of aggregate economic principles. The scope and method of economics, basic supply and demand theory, and national income theory are intermeshed.
This course examines economic concepts and fundamental theory and methods that serve as the foundation for managerial decision-making and influence firm outcomes within markets. Primary firm-related topics addressed include consumer theory, analysis and statistical estimation of demand, production and cost analysis, profit maximization under different market models and the resulting effects on strategic behavior and pricing. Current issues surrounding the macroeconomy and the impact of government policy on private market outcomes will also be highlighted.