Catalogue

Description

Gain a practical understanding of the basic forces in economics: the laws of supply and demand, shortages and surpluses, and the relationship between time and the market adjustment process.

This course will be an overview of:

• The study of the economy at the individual, firm, and industry level
• The laws of supply and demand.
• The impact of shortages and surpluses.
• The relationship between time and the market adjustment process.

After completing this course, the learner should be able to:

• Identify characteristics of the law of supply and demand.
• Identify the factors that can cause a shift in a products demand curve or supply curve.
• Apply supply and demand models.
• Calculate price elasticity of demand and income elasticity.
• Recognize the characteristics of the types of business firms and the principal-agent problem.
• Identify cost and profit measurements in the short run and long run.