ECON 53081 Economics Concepts

This course focuses on the microeconomic concepts used in business, although various macroeconomic factors are also addressed. Emphasis is placed on practical application of course material. Topics to be covered include supply and demand, elasticity, consumer choice theory, firm production and costs (short-run and long-run), profit maximization, market structures, basic oligopoly models, pricing strategies, market failures, government's role in the economy, and macroeconomic factors affecting business managers. Through readings, lectures and course assignments, students will learn to use various economics tools and concepts to inform and improve business decision-making. Lab fee may be required.