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Faculty of management sciences Department of Technology Management
Course Code & Title. ECO: 507-Business Economics. Credit – 3 Program - MBA (Foundation Course) Pre-requisites: None. Course Objectives:
• Provides an understanding of the economic environment and its impact on strategy formulation
• Offers ideas and tools to understand the forces of local and global economies, including governmental regulations, international relations, global consumers, global production and business economics.
• Focuses on the impact of economic policies on managerial decision-making, by providing an understanding of fiscal policy, local and global economic issues affecting business
Course Key Concepts:
• Supply and Demand, Macroeconomic, Microeconomics, Government Policy and Regulations, Global Economy, Knowledge Economy, Pareto 80/20 Law, Hofstadter’s National Differences, Oligopoly, Monopoly and Competition ,etc.
• Business Economics: Introduction to economic analysis, with an emphasis on firms, their market and operating environment. Pricing and output decisions. Cost and profit determination in competitive and monopolistic markets. Macroeconomic factors and policies affecting business activity in an a free and open economy.
• Microeconomics: Introduction to the economic behavior of individuals and firms with emphasis on output and price determination in the various market structures. Study of the allocation of scarce resources among competing end uses. Analysis also includes concepts of expected utility and uncertainty, and welfare economics.
• The Digital Economy: An introduction to the economics of the Internet using microeconomic concepts, practical examples, and case studies. Topics covered include: the development of the Internet, access pricing, network effects and standardization, business-to-consumer and business-to-business e-commerce, online auctions, open source software, and the law and economics of information goods such as software and music.
• Global Economy: The development of the global economy and the driving forces and consequences of growing interdependency among nations. Changing patterns of trade and migration of capital and labor are analyzed, as are cyclical and secular trends in output, employment and investment.
• Business Economics (Palgrave Texts in Econometrics) (Paperback) by Paul
R. Ferguson (Author), R. Rothschild (Author), Glenys J. Ferguson (Author)• Business Economics by Win Hornby, Bob Gammie, Stuart Wall.
Reference books: • Fundamentals of Managerial Economics (Dryden Press Series in
Economics) (Hardcover) by Mark Hirschey (Author), James L. Pappas (Author) • Managerial Economics (Paperback) by Ivan Png (Author)”
• Managerial Economics (Paperback) by Jae K. Shim (Author), Joel G. Siegel
(Author) Grading policy: The final grade will be computed from the following constituent parts: mid-semester exam (20%), final exam (50%), assignments (10%) and project (20%). Closed-book examination is used for both mid-semester and final exam.