MGT101 - Economics
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Transcript of MGT101 - Economics
MGT101 - EconomicsMGT101 - Economics
Dr. Dennis FosterDr. Dennis Foster
Assumptions
Build Models
Generate Conclusions/Predictions
Compare to the real world
Q/ℓ =f(K,L)
K/ℓ
Q/ℓ
AB
Supply
Demand
Price
Quantity
P
e
Qe
Alfred Marshall
John Maynard KeynesAdam
Smith
Karl Marx
Ayn Rand
MGT101 - EconomicsMGT101 - Economics
““Economics is the study of Economics is the study of mankind in the ordinary mankind in the ordinary
business of life.”business of life.”
--Alfred Marshall--Alfred Marshall
MGT101 - EconomicsMGT101 - Economics
A framework for understanding. . .
ScarcityScarcity
ChoicesChoices
(Opportunity) Costs(Opportunity) Costs
Premise:Premise: Rational self-interest Rational self-interest
Limited Resources
Unlimited Wants
Choices, Choices, Choices: Choices, Choices, Choices: there’s no way around there’s no way around
them.them.
What will be produced?What will be produced?
How will it be produced?How will it be produced?
Who will get what is produced?Who will get what is produced?
Efficiency - Efficiency - the measure of how well the measure of how well
we answer these we answer these questions.questions.
MicroeconomicsMicroeconomics Consumer behavior. Producer behavior.
How Markets Work
Prices as a rationing device. Profit as a reward to producers. Markets as the ultimate “sustainable”
mechanism.
Supply
Demand
Price
Quantity
P
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Qe
MacroeconomicsMacroeconomics Unemployment & slow economic growth. Inflation.
Dealing with business cycles
The cycle as dynamic reallocation of resources.
Monetary & fiscal policy to affect cycles. The Fed, the Congress & the President.
The W. A. Franke College of BusinessBSBA degree emphasizes...
a core set of business courses . . . including marketing, management, accounting, computer information systems, finance, law, and statistics. 18 hours of coursework in economics plus certificate:
–AccountingAccountingPublic AccountingAccounting Information Systems
–American Studies Certificate
–Business Economics
–Computer Information SystemsBusiness AnalystDatabase SystemsSystems AdministrationWeb Technology
–FinanceInvestmentsCorporate Financial Management
–International Business Studies
–ManagementEntrepreneurshipGeneral ManagementHuman Resource Management
–MarketingPromotion & Marketing CommunicationCustomer Service
Economics Course Offering:– BA 321 Intermediate Business Statistics
– ECO 325 Environmental Economics
– ECO 346 Economic & Business Forecasting
– ECO 356 Regional & Urban Economics
– ECO 384 Intermediate Microeconomic TheoryECO 384 Intermediate Microeconomic Theory
– ECO 385 Intermediate Macroeconomic TheoryECO 385 Intermediate Macroeconomic Theory
– ECO 420 Industrial Organization
– ECO 425 Economic Development of the Reservation
– ECO 445 Public Finance
– ECO 464 Labor EconomicsECO 464 Labor Economics
– ECO 473 Money & BankingECO 473 Money & Banking
– ECO 480 Political Economy
– ECO 483 Comparative Economic Systems
– ECO 484 Development of Economic Thought
– ECO 486 International EconomicsECO 486 International Economics
– ECO 497 Independent Study
– ECO 498c Senior Seminar
Social and Behavioral Science Social and Behavioral Science
BS Economics majorBS Economics major The Social and Behavioral Science BS degree
emphasizes... a program of study based upon social science courses, including
political science, geography, history, and sociology. 36 hours of coursework in economics. career preparation for employment in both public and private sectors
with an orientation in broad economic issues that span both sectorsof the economy.
a choice of a focus that supplements the social science orientation of the Economics major (18/15 hrs.).
– Environmental Emphasis– International Emphasis– Quantitative Emphasis– Pre-Law Emphasis– Southwest Emphasis
FCBFCBwebwebpagepage
What do economics majors do?What do economics majors do?
Banking & Finance Journalism Law School Business Government Overseas employment Research Teaching
Economics journalsEconomics journals
Economics of Housing Women in the Labor Market Mathematical Economics Economic Anthropology Economic Theory of Auctions Economics and Biology Law and Economics Economics of Energy
Economic Philosophy of Economic Philosophy of Capitalism - Ayn RandCapitalism - Ayn Rand
The right to life is the source of all rights – and the right to property is their only implementation. Without property rights,no other rights are possible.
"Capitalism is the only system that can make freedom, individuality, and the pursuit of values possible in practice.”
MGT101 - EconomicsMGT101 - Economics
Dr. Dennis FosterDr. Dennis Foster
Assumptions
Build Models
Generate Conclusions/Predictions
Compare to the real world
Q/ℓ =f(K,L)
K/ℓ
Q/ℓ
AB
Supply
Demand
Price
Quantity
P
e
Qe
Alfred Marshall
John Maynard KeynesAdam
Smith
Karl Marx
Ayn Rand