Feb 05, 2023  
2022-2023 Online College Catalog 
2022-2023 Online College 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.

Prerequisites & Notes
This course is recommended for those with little to no knowledge of micro and/or macroeconomics. Provides a strong foundation for further studies in economics.

Assignment Overview
Interactivity: Weekly graded discussions, reflection journals

Final Assessment: Final Paper

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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