Economics of Business

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100% online course

This course will introduce you to the basic principles of microeconomics. It will provide you with an understanding of the microeconomic issues facing us as individuals and as a society, and will also provide a knowledge of the tools of microeconomic analysis. Many of these microeconomic concepts are applicable to everyday problems of choice.

Microeconomics will deal with individual units within the economy such as industries, firms and households; and, with individual markets, prices and specific goods and services. The other half of economics, macroeconomics, is concerned with the economy as a whole and deals to a large extent with the study of aggregate output and problems of unemployment and inflation. Why is economics considered an important area to study? As the text in Chapter 1 points out, although all the world’s problems are not primarily economic—political, biological, social, cultural and philosophical issues often predominate—almost every problem, no matter how “uneconomic” it seems, has a significant economic dimension.

In this course we hope to help the beginning student master the principles essential for understanding economic problems, specific economic issues, and the policy alternatives; apply the economic perspective, and reason accurately and objectively about economic matters; and to promote a lasting interest in economics and the economy.

Course outline

Topics covered are:

  • Introduction to Economics and the Economizing Problem
  • Demand, Supply and Elasticity
  • Production and Cost
  • Perfect Competition: Equilibrium
  • Imperfect Competition: Monopoly
  • Imperfect Competition: Markets Between Monopoly & Perfect Competition
  • Resource Allocation: Marginal Productivity Theory
  • Resource Allocation: Pricing and Use of Resources
  • Poverty and Income Inequality
  • The Role of Government