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MGT101 - Economics

Q/ ℓ. Assumptions. Q/ ℓ =f(K,L). Build Models. B. A. Generate Conclusions/Predictions. Price. Supply. P e. K/ ℓ. Compare to the real world. Demand. Quantity. Q e. MGT101 - Economics. Ayn Rand. Dr. Dennis Foster. Alfred Marshall. John Maynard Keynes. Adam Smith. Karl Marx.

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MGT101 - Economics

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  1. Q/ℓ Assumptions Q/ℓ =f(K,L) Build Models B A Generate Conclusions/Predictions Price Supply Pe K/ℓ Compare to the real world Demand Quantity Qe MGT101 - Economics Ayn Rand Dr. Dennis Foster Alfred Marshall John Maynard Keynes Adam Smith Karl Marx

  2. MGT101 - Economics “Economics is the study of mankind in the ordinary business of life.” --Alfred Marshall

  3. MGT101 - Economics • A framework for understanding. . . Scarcity Choices (Opportunity) Costs Premise: Rational self-interest Unlimited Wants Limited Resources

  4. Choices, Choices, Choices: there’s no way around them. • What will be produced? • How will it be produced? • Who will get what is produced? Efficiency - the measure of how well we answer these questions.

  5. Price Supply Pe Demand Quantity Qe Microeconomics • Consumer behavior. • Producer behavior. • How Markets Work • Prices as a rationing device. • Profit as a reward to producers. • Markets as the ultimate “sustainable” mechanism.

  6. Macroeconomics • Unemployment & slow economic growth. • Inflation. • Dealing with business cycles • The cycle as dynamic reallocation of resources. • Monetary & fiscal policy to affect cycles. • The Fed, the Congress & the President.

  7. The W. A. Franke College of BusinessBSBA degree emphasizes... • a core set of business courses . . . • including marketing, management, accounting, computer information systems, finance, law, and statistics. • 18 hours of coursework in economics plus certificate: • AccountingAccountingPublic AccountingAccounting Information Systems • American Studies Certificate • Business Economics • Computer Information SystemsBusiness AnalystDatabase SystemsSystems AdministrationWeb Technology • FinanceInvestmentsCorporate Financial Management • International Business Studies • ManagementEntrepreneurshipGeneral ManagementHuman Resource Management • MarketingPromotion & Marketing CommunicationCustomer Service

  8. Economics Course Offering: • BA 321 Intermediate Business Statistics • ECO 325 Environmental Economics • ECO 346 Economic & Business Forecasting • ECO 356 Regional & Urban Economics • ECO 384 Intermediate Microeconomic Theory • ECO 385 Intermediate Macroeconomic Theory • ECO 420 Industrial Organization • ECO 425 Economic Development of the Reservation • ECO 445 Public Finance • ECO 464 Labor Economics • ECO 473 Money & Banking • ECO 480 Political Economy • ECO 483 Comparative Economic Systems • ECO 484 Development of Economic Thought • ECO 486 International Economics • ECO 497 Independent Study • ECO 498c Senior Seminar

  9. Social and Behavioral Science BS Economics major • The Social and Behavioral Science BS degree emphasizes... • a program of study based upon social science courses, including political science, geography, history, and sociology. • 36 hours of coursework in economics. • career preparation for employment in both public and private sectors with an orientation in broad economic issues that span both sectorsof the economy. • a choice of a focus that supplements the social science orientation of the Economics major (18/15 hrs.). • Environmental Emphasis • International Emphasis • Quantitative Emphasis • Pre-Law Emphasis • Southwest Emphasis

  10. FCBwebpage

  11. What do economics majors do? • Banking & Finance • Journalism • Law School • Business • Government • Overseas employment • Research • Teaching

  12. Economics journals • Economics of Housing • Women in the Labor Market • Mathematical Economics • Economic Anthropology • Economic Theory of Auctions • Economics and Biology • Law and Economics • Economics of Energy

  13. Economic Philosophy of Capitalism - Ayn Rand • The right to life is the source of all rights – and the right to property is their only implementation. Without property rights,no other rights are possible. • "Capitalism is the only system that can make freedom, individuality, and the pursuit of values possible in practice.”

  14. Q/ℓ Assumptions Q/ℓ =f(K,L) Build Models B A Generate Conclusions/Predictions Price Supply Pe K/ℓ Compare to the real world Demand Quantity Qe MGT101 - Economics Ayn Rand Dr. Dennis Foster Alfred Marshall John Maynard Keynes Adam Smith Karl Marx

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