|#||Course Name||Credit Hrs||Prerequisite|
|ECON 601||Business Economics||3||None|
The aim of this course is to introduce economic concepts and methods of analysis, to enable students to understand and use economic arguments in business decision-making. This course provides students with the tools to use economic principles in decision-making, and an understanding of the broader economic environment in which business decision must be made.
After completing this course, the student will be able to:
- Explain the economic behaviour of Consumer.
- Explain the economic behavior of consumers. (Comprehension)
- Analyze the behavior of firms in different market structures. (Analysis)
- Distinguish among different production techniques and the profit they generate.(Analysis)
- Discuss the concept of maximization of revenues and minimization of cost.(Comprehension)
- Measure risk and return. (Evaluation)
- Measure the effect of different macroeconomic factors. (Evaluation)
- Demonstrate the impact of different macroeconomic policies on business activities.(Application)
- Describe the concept of efficiency in the production sector. (Comprehension)
- Examine the relationship between inflation and employment.(Analysis)
- Propose the instruments and targets related to fiscal policy. (Synthesis)
- Demand, Supply and Market Equilibrium
- Elasticity and Applications (price, income and cross elasticities)
- Applications of the Demand and Supply Model
- Firm Behavior and Analysis of FirmRevenue
- The Choice Problem, Production Function and Related Concepts
- The Choice Problem, Cost Function and Related Concepts
- Perfectly Competitive Markets
- Imperfectly Competitive Markets; Monopoly, Duopoly
- Imperfectly Competitive Markets; Monopolistic Competition
- Oligopoly and Game Theory
- GDP, Income and Growth
- Money, Investment and International Trade and Finance
- Aggregate Demand and Supply
- Fiscal Policy; Unemployment, Inflation
• N. Mankiw, Mark Taylor and Andrew Ashwin (MTA) (2019 ) Business Economics, Cengage Learning EMEA; 3rd Edition.
• Samuelson, P. A. and Nordhaus, W. D. (2010). Economics. 19th Edition. New York, USA: McGraw Hill.
Taylor, J. B. and Weerapana, A. (2010). Principles of Microeconomics: Global Financial Crisis Edition (with Global Economic Crisis GEC Resource Center Printed Access Card). 6th Edition. Boston, MA, USA: South-Western Cengage Learning.