Overview

This course shows students how managers can bring together many aspects of economic theory and analytical tools from various fields of business administration to make business decisions. The goal is to show students how to combine the scarce economic resources of a business so that these resources are allocated in the most efficient manner and to enable them to maximize the value of their enterprise.

Indicative Content:

▪ Supply & Demand Theory ▪ Elasticity ▪ Demand Estimation ▪ Production Economics ▪ Cost Analysis ▪ Market Structure: Perfect Competition & Monopoly ▪ Overview of monopoly markets ▪ Market Structure: Monopolistic Competition and Oligopoly ▪ Pricing Practices

Assessment Strategy

-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Apply economic concepts, measures, and analytical tools to the management of private and public entities.

• Conduct cost analysis within the context of business case studies or scenarios.

• Discuss how markets work based on supply and demand theory.

• Explain how pricing and selling decisions are made under different types of competitive pressures.