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Business Economics | BUSM.X401

This course provides an overview of the principles and concepts in both microeconomics and macroeconomics. The microeconomic concepts will provide information on economic decision making and operations of the economy at the individual and firm level. The macroeconomic concepts will provide information on the national and global economies.

Learning Outcomes

At the conclusion of the course, you should be able to:

  • Describe, discuss, and interpret fundamental business economic relationships, measurements and events through an appreciation of abstract models
  • Explain and identify that economics analyzes how individuals, households and firms make decisions and how they interact in markets. Quite often, optimal microeconomic decisions are intimately intertwined with developments in the macroeconomy
  • Apply economic analysis to everyday problems in real world situations, to understand current events and evaluate specific policy proposals, and to evaluate the role played by assumptions in arguments that reach different conclusions to a specific economic or policy problem
  • Understand how to use empirical evidence to evaluate the validity of an economic argument, use statistical methodology, interpret statistical results, and conduct appropriate statistical analysis of data
  • Solve problems that have clear solutions and to address problems that do not have clear answers and explain conditions under which these solutions may be correct
  • Develop critical and quantitative thinking skills specific to business and accounting
  • Communicate effectively in written, oral, and graphical form about specific issues, and to formulate well-organized written arguments that state assumptions and hypotheses supported by evidence

Skills needed: Elementary Algebra. Advisory: Demonstrated proficiency in English by placement as determined by score on the English placement test OR through an equivalent placement process OR completion of Composition and Reading and Advanced Reading; Intermediate Algebra.

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