May 19, 2024  
2021-2022 Saint Joseph’s College Online Catalog 
2021-2022 Saint Joseph’s College Online Catalog [Archived Catalog]

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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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