Learning Outcomes

1. Consumer and Seller Behavior: Understand buyer and seller behavior within a simple and mixed market economy.
2. Understand how economists use statistics to learn about economic behavior.
3. Understand the basic business functions of accounting, statistics, operations management, economics, finance, management, and marketing.
4. Understand the meaning and implications of economic efficiency and equity.
5. Pricing and Production Costs: Understand pricing, costing, and economic profit decisions (stratigies) with respect to marginal decision making.
6. Understand how the implications of decisions made by households, firms, the government, and the foreign sector affect a country’s macroeconomic variables like output, interest rates, inflation, exchange rates, and the trade deficit.
7. Interpret, understand, and communicate quantitative concepts.
8. Critically evaluate and compare alternative policies using complex criteria.
9. Understand the implications of utility maximization for the behavior and choices of firms in the short run, the long run, and a variety of market structures.
10. Effectively produce, interpret, and analyze written text, oral messages, and multimedia presentations used in business.

Skills and Competencies Table