Economic Found & Practice

This course provides a basic understanding and application of those economic principles that are relevant to contemporary business decision-making in a local sense, in addition to providing a systematic treatment of the functioning of the U.S. economy, both domestically and in a worldwide economic arena. An overview of representative topics includes coverage of the essential models of both microeconomic and macroeconomic theory. Microeconomic areas considered are the theory of consumer demand, production theory of the firm, the nature and behavior of costs, and the typology of market organizations such as perfect competition and monopoly. Macroeconomic coverage includes the Keynesian model and an analysis of aggregate output and growth, income, employment, inflation, along with financial institutions, monetary theory and policy, and international trade and finance.