Jan 31, 2023
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.
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.
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