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Apr 19, 2024
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MS 2220 - Foundations of Business Economics3 lecture hours 0 lab hours 3 credits
Course Description
This course presents fundamental concepts of economics and expects a student will demonstrate understanding of the interactive nature of global, national and local economic systems. The course explores how individuals, households, businesses and governments use scarce resources to satisfy unlimited wants and needs. Emphasis is placed on how economics serves as the basis for business decisions. Students required to take MS 221 Microeconomics or MS 322 Macroeconomics are not eligible to earn credit toward their major for MS 2220. (prereq: None)
Course Learning Outcomes
Upon successful completion of this course, the student will be able to:
- Develop problem solving skills by applying economic criteria to engineering design, business decisions, international trade and public policy
- Describe the structure of the Federal Reserve System and its tools for controlling the money supply in a fractional reserve banking system
- Demonstrate an understanding of fiscal and monetary policy and how policy changes can potentially affect the economy
- Develop analytical skills necessary for determination of the worth of systems, products and services in relation to cost
- Determine economic feasibility when evaluating alternatives
- Describe and apply the methods for analyzing consumer behavior through demand and supply, elasticity and marginal utility
- Identify and appraise various models of how markets are organized, and the price and output decisions for maximizing profit
Prerequisites by Topic
Course Topics
- No course topics appended.
Coordinator
Larry Schmedeman
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