BUS 530 - Principles of Economics

3 Credit(s)

Directed toward students with little or no preparation in economics, this course focuses primarily on principles of microeconomic and macroeconomic analysis as applied to management decision making in both the private and public sectors. The microeconomic component of the course is devoted to examining the operations of output (product) and input (resource) markets as they relate to the demand and supply decisions by households, businesses, and trade with other countries. Topics include demand elasticities and revenue strategies, production and cost functions, price-output decision making in different types of market structures, input pricing and usage in various factor markets, and determinants of international trade. The macroeconomic component is based on analyzing the determinants of an economy’s levels of output, income, employment, and prices. In addition, the overall economic impacts of government fiscal and monetary policies are studied. Topics include domestic income and product accounts, basic consumption and investment theories, fiscal and monetary policies for economic stabilization, inflation-unemployment tradeoff controversies, federal government budget deficits and debt management issues, and the macroeconomic impact of international trade.
Prerequisite(s): None.