MB 540 - The Economy as a System

Explores the role the economic environment plays in industry and how economics impacts consumer behavior and demand. Develops an understanding of the nature of the economy, and how socio-political factors relate to the economy as a whole and to demand in various industries in particular.

Assignment Overview
Assignments: 10 Week Course

Interactivity: Discussion Board

Final Assessment: Final Project

Course Learning Objectives
Upon completion of this course, you should be able to do the following:

Explain Professor Boulding’s systems approach to viewing and describing society.
Describe the steps in economic policy making.
Compare and contrast capitalism as an economic system with a command-and-control system.
Describe the importance of supply and demand.
Be conversant with the four market models: perfect competition, monopolistic competition, oligopoly, and monopoly.
Define and understand the role of fiscal policy in stabilizing the economy, and understand the reasons , structure, functions, and responsibilities for the creation of the Federal Reserve. And further, understand the role of monetary policy in stabilizing the economy.
Explain the value of international trade via absolute advantage and comparative advantage, and appreciate the reasons why countries enjoy a comparative advantage.
Describe the economic and political reasons for restrictions on trade and potential consequences.

Credits: 3

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