Course Length: 8 weeks
In this class, you will analyze the global economy within the contemporary business environment. Coursework will focus on the key policy issues and major economic forces that affect business activity and the tools necessary to evaluate them. We will also explore the role played by the U.S. and world financial markets in influencing domestic and global economic environments.
Coursework is designed for engagement and collaboration. Here is an example of just some of the assignments and projects you will complete as part of ECON 8305.
- Work on two case studies of real-world global business challenges.
- Identify how global factors influence business and discuss them with your classmates.
Throughout the course, each week focuses on a different theme. Group discussions and coursework will align with that week’s theme, as well as its primary objectives.
Week 1 – Management of Economics, Demand and Supply
The first week of the course introduces the framework of micro and macroeconomics. Learn about price theory, defined as demand, supply, and equilibrium in markets. You will look at what affects these relationships and the consequent predictions.
Week 2 – Demand Elasticity and Statistical Models
In week two you’ll cover the concept of elasticity of demand. You will also study empirical methods: surveys, experiments, and test marketing, among others; and statistical and econometric approaches to formally estimating demand relationships.
Week 3 – Production and Cost Analysis
In week three you’ll explore short-run and long-run production and cost. Examine average and marginal relationships between outputs and inputs, and costs and outputs. Coursework looks at the empirical evidence on economies of scale.
Week 4 – Market Structure I
At the midpoint of the course, you’ll study market structure starting at the perfect competition, then to the other extreme, monopoly. Examine the ability to affect changes in profit from changes to cost, production and price.
Week 5 – Market Structure II
Week five looks at the interdependent behavior of oligopoly firms with a small number of sellers. Consider how the price elasticity of demand for different products or among different groups of customers is fundamental to developing optimal pricing strategies: markup pricing and price discrimination.
Week 6 – Macroeconomics Variables
In week six you’ll study the circular flow of between output and input markets and households and businesses, which illustrates aggregate expenditures and income. Coursework also covers the factors influencing real aggregate expenditure and the multiplier effect of a change in autonomous expenditure on equilibrium income.
Week 7 – Macroeconomics Models
Week seven explores money and monetary policy in the aggregate economy influencing interest rate and money supply. You will also examine the role of the Federal Reserve and its tools for implementing monetary policy. Other topics include a model of aggregate spending and aggregate supply.
Week 8 – International Economics
The course concludes in week eight where you will study the influences of the international sector to the macroeconomy. Coursework focuses on national income, exchange rates and interest rates as they influence exports, imports and capital flows.
To learn more about this course, or other courses in the online MBA from Our Lady of the Lake University, call 855-275-1082 to speak with an admissions adviser or request more information.