ECNM 592 Economic Concepts (2)

Economic Concepts introduces the principles and application of microeconomic analysis. The course fosters students’ understanding of, and ability to apply, economic reasoning and decision making to both their personal and professional lives. The course has a strong emphasis on how market economies can affect the welfare of a society. It addresses the role of government in correcting potential failures in a market system including abuses of monopoly power and environmental externalities such as excessive pollution and underfunding of education. Topics include supply and demand, elasticity, production and cost analysis, and competition and monopoly. The course explores ethical dilemmas that people face in a capitalist society and offers guidelines to help values-centered leaders make the right choices in business.

Student Learning Outcomes

Describe and illustrate how the competitive market works and predict implications for businesses entering or competing in these markets
Demonstrate the ability to efficiently allocate resources
Distinguish value and cost of inputs
Describe the benefits and costs of international trade to different groups in both trading partner countries