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May 16, 2024
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MS 2220H - Foundations of Business Economics3 lecture hours 0 lab hours 3 credits
Course Description
This course is offered as part of the University Scholars’ Program. It is taught in seminar-style with a variety of guest speakers and company visits. Students engage in the fundamental concepts of economics and are expected to 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. Enrollment is limited to students participating in the University Scholars’ Program. (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 supp;ly, 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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