Business Administration: Business Economics

About Course

This course has been designed to introduce students to core economic principles (demand, supply, price determination) and how these can be used in a business to help both local and global decision-making.
It provides a solid grounding in the fundamental concepts of micro and macroeconomics and how they affect the operation of any business.

Define basic economic terminology.
Explain the importance of economic theories and models in influencing trade.
Explain the role of scarcity, supply and demand, opportunity costs, and trade offs.
Describe goods and services, and labour markets.
Demonstrate an understanding of the methods and principles of micro and macro economic theory.
Discuss economic and public policy issues using the language and approach of economics, monetary vs fiscal policy.
● Compare and contrast traditional, command and market economies.
Describe the role of government in a free market economy.
Describe the positive and negative outcomes as the result of globalization.
Describe how ethical principles support effective microeconomic and macroeconomic systems.

Course Content

Topic 1: Introduction to Economics

Topic 1: Introduction

04:01
LO1: Define Economics and explain the fundamental problem of Scarcity and the need to make Choices

12:22
LO2: Describe the role of Incentives, Resources, and Decision-making in Economic activity

12:21
LO3: Explain how basic Economic principles can be applied to Individual, Business, and Societal decisions

14:41

Topic 2: Demand and Supply

Topic 3: Opportunity Costs and Price Elasticity

Topic 4: Supply Curve and Price Searching

Topic 5: Competition, Policy, and Factor Markets

Topic 6: Macro/Microeconomics

Topic 7: Gross Domestic Product, Externalities, and Globalization

Assessment I

Topic 8: Profit and Loss

Topic 9: Consumers and Producers

Topic 10: Monetary Policy and Government Regulation

Topic 11: Demand and Supply Fundamentals

Topic 12: Opportunity Costs and Price Elasticity

Topic 13: Supply Curve and Price Mechanisms

Topic 14: Market Structures and Competitive Behavior

Assessment II

Topic 15: Microeconomics vs. Macroeconomics

Topic 16: National Income, GDP, and Price Indices

Topic 17: Profit, Loss, and Break-even Analysis

Topic 18: Consumer and Producer Behavior

Topic 19: Monetary Policy and Government Regulation

Topic 20: Final Exam Review

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About Course

What Will You Learn?

Course Content

Topic 1: Introduction to Economics

Topic 1: Introduction

LO1: Define Economics and explain the fundamental problem of Scarcity and the need to make Choices

LO2: Describe the role of Incentives, Resources, and Decision-making in Economic activity

LO3: Explain how basic Economic principles can be applied to Individual, Business, and Societal decisions

Topic 2: Demand and Supply

Topic 2: Introduction

LO1: Define Demand and Supply and describe the Factors that Influence each

LO2: Explain how Changes in Demand and Supply affect Equilibrium Price and Quantity

LO3: Analyze Demand and Supply diagrams to identify Market Equilibrium and changes in Market conditions

Topic 3: Opportunity Costs and Price Elasticity

Topic 3: Introduction

LO1: Define Opportunity Cost and explain its importance in Economic Decision-making

LO2: Explain the concept of Price Elasticity of Demand and Identify Factors that Influence Consumers’ responsiveness to Price changes

LO3: Analyze how Elasticity affects Consumer Behavior, Business Pricing decisions, and total Revenue

Topic 4: Supply Curve and Price Searching

Topic 4: Introduction

LO1: Explain the Relationship between Price and Quantity supplied using the Supply Curve

LO2: Describe how Production Costs, Technology, expectations, and Resource Prices can shift the supply Curve

LO3: Analyze how Buyers and Sellers use Prices and Market information to make Economic decisions

Topic 5: Competition, Policy, and Factor Markets

Topic 5: Introduction

LO1: Define Competition and describe how Competitive Markets influence Prices and Resource Allocation

LO2: Explain the Role of Government policies in addressing Market Failures and influencing Competitive outcomes

LO3: Analyze how Factor Markets Allocate Labour, Capital, Land, and other productive Resources

Topic 6: Macro/Microeconomics

Topic6: Introduction

LO1: Define Microeconomics and Macroeconomics by distinguishing between their primary areas of study

LO2: Describe how Individual Markets and Economic Decisions relate to broader Economic conditions

LO3: Analyze Economic issues from both Microeconomic and Macroeconomic perspectives

Topic 7: Gross Domestic Product, Externalities, and Globalization

Topic 7: Introduction

LO1: Define Gross Domestic Product (GDP) and explain what it measures in an Economy

LO2: Explain Positive and Negative Externalities and describe how they can create Market Inefficiencies

LO3: Analyze how Globalization and International Economic Activity influence Production, Consumption, and Economic Growth

Assessment I

Assessment I

Topic 8: Profit and Loss

Topic 8: Introduction

LO1: Define Revenue, Cost, Profit, and Loss and explain their relationships in Business Decision-making

LO2: Distinguish between Fixed Costs, Variable Costs, Total Costs, and total Revenue

LO3: Calculate and interpret Profit or Loss using basic Economic and Business data

Topic 9: Consumers and Producers

Topic 9: Introduction

LO1: Describe the Economic roles of Consumers and Producers in a Market economy

LO2: Explain how Consumer preferences, Income, Prices, and Production Costs influence Market decisions

LO3: Analyze how interactions between Consumers and Producers determine Market Outcomes

Topic 10: Monetary Policy and Government Regulation

Topic 10: Introduction

LO1: Define Monetary Policy and explain the role of a Central Bank in managing Economic Conditions

LO2: Describe how Interest Rates and the Money Supply can influence Inflation, Employment, Consumption, and Investment

LO3: Evaluate the potential effects of Government Regulation and Monetary Policy on Businesses, Consumers, and the overall Economy

Topic 11: Demand and Supply Fundamentals

Topic 11: Introduction

LO1: Summarize the fundamental principles of Demand and Supply and their Relationship to Market Equilibrium

LO2: Apply Demand and Supply concepts to explain changes in Market Prices and Quantities

LO3: Analyze real-world Market scenarios using Demand and Supply models

Topic 12: Opportunity Costs and Price Elasticity

Topic 12: Introduction

LO1: Explain how Opportunity Cost influences choices made by Consumers, Businesses, and Governments

LO2: Calculate and interpret basic measures of Price Elasticity of Demand

LO3: Evaluate how differences in Elasticity can affect Pricing strategies, Consumer Spending, and Business Revenue

Topic 13: Supply Curve and Price Mechanisms

Topic 13: Introduction

LO1: Describe how Supply Curves represent the relationship between Price and Quantity Supplied

LO2: Explain how Market prices coordinate decisions made by Buyers and Sellers

LO3: Analyze changes in Supply and Demand to determine their effects on Equilibrium Prices and Quantities

Topic 14: Market Structures and Competitive Behavior

Topic 14: Introduction

LO1: Define the major Market Structures, including Perfect Competition, Monopolistic Competition, Oligopoly, and Monopoly

LO2: Compare the characteristics and Competitive Behavior associated with different Market Structures

LO3: Analyze how Market Structure influences Pricing, Output, Competition, and Consumer choice

Assessment II

Assessment II

Topic 15: Microeconomics vs. Macroeconomics

Topic 15: Introduction

LO1: Summarize the major differences between Microeconomic and Macroeconomic Analysis