ECON - Economics

This course is a survey of microeconomic and macroeconomic theories applied in the context of organizational management. Students will learn foundational concepts and acquire essential tools for making informed business decisions based on a broad range of economic factors. Quantitative tools will be applied to the study and practice of economics to assist students in analyzing the impact of monetary, fiscal, and international policy on the economy. All economic concepts studied will reflect the integration of biblical wisdom. Application and implementation of course theories and concepts in an organizational setting will be addressed through embedded, experiential learning experiences and activities within the course.

Students in this course will describe how both micro and macro-economic conditions affect business decision-making and apply the concepts of comparative advantage, opportunity costs, and scarcity of resources for decision-making. Students will assess the market economy's pricing system and the theory of supply and demand, identify the major costs of a business, and apply various models of market structure to the analysis of market conditions. Students will integrate the effects of globalization and international trade on the U.S. and global economies from a Christian worldview.

Students in this course will synthesize economic theory as used by management to optimize performance within the market economy and apply various methods, including regression analysis, to forecasting applications and business analysis. Students will evaluate the theory and estimation of demand, production, and cost functions, assess the pricing and output decisions faced by firms in different market structures, and evaluate the opportunities and risks globalization presents for firms. Students will integrate biblical wisdom into the economic decision-making process. Prerequisite: ECON-511