BA_BADM500: Business Economics - Taylor Pro College

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 labor markets.
Demonstrate an understanding of the methods and principles of micro and macroeconomic 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 a result of globalization.
Describe how ethical principles support effective microeconomic and macroeconomic systems.

Course Content

Module I

Topic 1: Introduction to Economics

00:00
LO1: Define basic Economic Terminology

00:00
LO2: Explain the relationship between Economic Principles and everyday life

00:00
LO3: Identify the three basic Economic questions and how various Economic systems answer them

00:00
LO4: Comprehend the Theories established by the founder of Modern Economics

00:00
LO5: Knowledge Check
Case Study: Introduction to Economics
Topic 2: Demand and Supply

00:00
LO1: Comprehend the nature of Demand, changes in quantity Demanded, and the factors that affect Demand

00:00
LO2: Understand the nature of Supply, changes in quantity Supplied, and the factors that affect Supply

00:00
LO3: Explain how Markets reach Equilibrium

00:00
LO4: Knowledge Check
Case Study: Demand and Supply
Topic 3: Opportunity Costs and Price Elasticity

00:00
LO1: Describe the Price Elasticity of Demand and its impact on Sellers’ revenues

00:00
LO2: Comprehend the Price Elasticity of Supply and the links between Production periods and Supply

00:00
LO3: Identify how Price Elasticities of Demand and Supply determine the impact of an Excise Tax

00:00
LO4: Explain how Governments use Price controls to override the “Invisible Hand” of Competition

00:00
LO5: Knowledge Check
Case Study: Opportunity Costs and Price Elasticity
Topic 4: Supply Curve and Price Searching

00:00
LO1: Describe the Factors that influence the shape and position of the Supply Curve

00:00
LO2: Distinguish between Price-taking and Price-searching behaviour among firms in various Market Structures

00:00
LO3: Analyze how Input Costs and Technology changes affect the Supply Curve

00:00
LO4: Knowledge Check
Case Study: Supply Curve and Price Searching
Topic 5: Competition, Policy, and Factor Markets

00:00
LO1: Distinguish the Four Market Structures

00:00
LO2: Explain how Perfect Competitive Markets adjust in the long run

00:00
LO3: Understand the Profit-maximizing and its rule

00:00
LO4: Comphrend the Theory of Perfectly Competitive Firms and Markets

00:00
LO5: Describe the Demand conditions faced by Monopolists, Monopolistic competitors, and Oligopolists

00:00
LO6: Recall the key elements of the Prisoner’s Dilemma

00:00
LO7: Knowledge Check
Case Study: Competition, Policy, and Factor Markets
Topic 6: Macro/Microeconomics

00:00
LO1: Differentiate between Macroeconomics and Microeconomics in Economic analysis

00:00
LO2: Identify Economic Costs (explicit and implicit) of production and Economic Profit

00:00
LO3: Recognize Short-run products and the Law of diminishing marginal returns

00:00
LO4: Explain Long-run results of production and Long-run costs

00:00
LO5: Knowledge Check
Case Study: Macro/Microeconomics
Topic 7: Gross Domestic Product, Externalities, and Globalization

00:00
LO1: Explain the Real Gross Domestic Product and Consumer Price Index

00:00
LO2: Explain why Economists choose to concentrate on Gross Domestic Product

00:00
LO3: Define Inflation, how it is measured, and its effect on nominal and real incomes

00:00
LO4: Comprehend the Official Unemployment Rate, and the different types of Unemployment

00:00
LO5: Knowledge Check
Case Study: Gross Domestic Product, Externalities, and Globalization
Topic 8: Profit and Loss

00:00
LO1: Describe the fundamental concepts of Profit, Loss, and Break-even analysis in a Business Setting

00:00
LO2: Explain Gross Profit, Operating Profit, and Net Profit, and interpret their significance in assessing business performance

00:00
LO3: Analyze how Revenue, Cost, and Expense changes impact a company’s Profit and Loss

00:00
LO4: Knowledge Check
Case Study: Profit and Loss
Topic 9: Consumers and Producers

00:00
LO1: Explain the roles and interactions of Consumers and Producers in various Economic Systems

00:00
LO2: Analyze the Factors that influence Consumer Demand and Producer Supply in the Market

00:00
LO3: Describe the impact of Government Interventions on the Behavior of Consumers and producers in the Economy

00:00
LO4: Knowledge Check
Case Study: Consumers and Producers
Topic 10: Monetary Policy and Government Regulation

00:00
LO1: Discuss the Bank of Canada and its functions

00:00
LO2: Explain the tools the Bank of Canada uses to conduct Monetary Policy

00:00
LO3: Identify the tradeoff between Inflation and Unemployment

00:00
LO4: Identify Expansionary and Contractionary Fiscal Policies

00:00
LO5: Explain the Multiplier effect of Fiscal Policy, as determined by the Marginal Propensities

00:00
LO6: Knowledge Check
Case Study: Monetary Policy and Government Regulation
Module Based Quiz

About Course

What Will You Learn?

Course Content

Module I

Topic 1: Introduction to Economics

LO1: Define basic Economic Terminology

LO2: Explain the relationship between Economic Principles and everyday life

LO3: Identify the three basic Economic questions and how various Economic systems answer them

LO4: Comprehend the Theories established by the founder of Modern Economics

LO5: Knowledge Check

Case Study: Introduction to Economics

Topic 2: Demand and Supply

LO1: Comprehend the nature of Demand, changes in quantity Demanded, and the factors that affect Demand

LO2: Understand the nature of Supply, changes in quantity Supplied, and the factors that affect Supply

LO3: Explain how Markets reach Equilibrium

LO4: Knowledge Check

Case Study: Demand and Supply

Topic 3: Opportunity Costs and Price Elasticity

LO1: Describe the Price Elasticity of Demand and its impact on Sellers’ revenues

LO2: Comprehend the Price Elasticity of Supply and the links between Production periods and Supply

LO3: Identify how Price Elasticities of Demand and Supply determine the impact of an Excise Tax

LO4: Explain how Governments use Price controls to override the “Invisible Hand” of Competition

LO5: Knowledge Check

Case Study: Opportunity Costs and Price Elasticity

Topic 4: Supply Curve and Price Searching

LO1: Describe the Factors that influence the shape and position of the Supply Curve

LO2: Distinguish between Price-taking and Price-searching behaviour among firms in various Market Structures

LO3: Analyze how Input Costs and Technology changes affect the Supply Curve

LO4: Knowledge Check

Case Study: Supply Curve and Price Searching

Topic 5: Competition, Policy, and Factor Markets

LO1: Distinguish the Four Market Structures

LO2: Explain how Perfect Competitive Markets adjust in the long run

LO3: Understand the Profit-maximizing and its rule

LO4: Comphrend the Theory of Perfectly Competitive Firms and Markets

LO5: Describe the Demand conditions faced by Monopolists, Monopolistic competitors, and Oligopolists

LO6: Recall the key elements of the Prisoner’s Dilemma

LO7: Knowledge Check

Case Study: Competition, Policy, and Factor Markets

Topic 6: Macro/Microeconomics

LO1: Differentiate between Macroeconomics and Microeconomics in Economic analysis

LO2: Identify Economic Costs (explicit and implicit) of production and Economic Profit

LO3: Recognize Short-run products and the Law of diminishing marginal returns

LO4: Explain Long-run results of production and Long-run costs

LO5: Knowledge Check

Case Study: Macro/Microeconomics

Topic 7: Gross Domestic Product, Externalities, and Globalization

LO1: Explain the Real Gross Domestic Product and Consumer Price Index

LO2: Explain why Economists choose to concentrate on Gross Domestic Product

LO3: Define Inflation, how it is measured, and its effect on nominal and real incomes

LO4: Comprehend the Official Unemployment Rate, and the different types of Unemployment

LO5: Knowledge Check

Case Study: Gross Domestic Product, Externalities, and Globalization

Topic 8: Profit and Loss

LO1: Describe the fundamental concepts of Profit, Loss, and Break-even analysis in a Business Setting

LO2: Explain Gross Profit, Operating Profit, and Net Profit, and interpret their significance in assessing business performance

LO3: Analyze how Revenue, Cost, and Expense changes impact a company’s Profit and Loss

LO4: Knowledge Check

Case Study: Profit and Loss

Topic 9: Consumers and Producers

LO1: Explain the roles and interactions of Consumers and Producers in various Economic Systems

LO2: Analyze the Factors that influence Consumer Demand and Producer Supply in the Market

LO3: Describe the impact of Government Interventions on the Behavior of Consumers and producers in the Economy

LO4: Knowledge Check

Case Study: Consumers and Producers

Topic 10: Monetary Policy and Government Regulation

LO1: Discuss the Bank of Canada and its functions

LO2: Explain the tools the Bank of Canada uses to conduct Monetary Policy

LO3: Identify the tradeoff between Inflation and Unemployment

LO4: Identify Expansionary and Contractionary Fiscal Policies

LO5: Explain the Multiplier effect of Fiscal Policy, as determined by the Marginal Propensities

LO6: Knowledge Check

Case Study: Monetary Policy and Government Regulation

Module Based Quiz

Final Exam

Final Exam: Business Economics

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