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Unformatted text preview: BUSI 510 - MANAGERIAL ECONOMICS January 11, 2010 to March 6, 2010 (Winter Session) Online Course Syllabus Course Description Managerial economics is an examination of the impact of the economic environment on business decision-making. Discussions focus on Macro-and Microeconomics topics with particular emphasis on marginal analysis and supply and demand considerations. Prerequisites: BUSI 508. I. Overview and Course Goals Welcome to Managerial Economics Online! It is hard to improve upon this overview of economics in general provided to the world by the Federal Reserve Bank of San Francisco: "The word "economics" is derived from the Greek "oikonomikos,” which means skilled in household management. Although the word is very old, the discipline of economics as we understand it today is a relatively recent development. Modern economic thought emerged in the 17th and 18th centuries as the western world began its transformation from an agrarian to an industrial society. Despite the enormous differences between then and now, the economic problems with which society struggles remain the same: How do we decide what to produce with our limited resources? How do we ensure stable prices and full employment of our resources? How do we provide a rising standard of living both for ourselves and for future generations?" Economics is thus a study of human efforts to promote and conserve standards of living. This study involves understanding of the production, exchange, distribution, and consumption of the goods and services that are possible given resources and technology. The study of economics may be undertaken from a macro perspective of overall economic activity or a micro perspective of individual decision making in typical households, businesses, or governmental units. This is a course in Managerial Economics . The study involves the application of Economic Theory (both Macro and Micro) and observed empirical relationships to reach optimal and socially acceptable decisions which add to the value of a particular Microeconomic firm or organization. Theory helps us to zero in on what is relevant, and to see both the big picture and the little picture in order to make good decisions. Mathematics helps us to organize theory in a way which can yield meaningful measures and optimal results. Statistics helps us to provide reliable measures and models suggested by theory and mathematics so that real world managerial decisions are realistic. Modern computers and software allow us to undertake this applied study in a most efficient way! Think of it as a study of market processes and outcomes . . . what they mean, how they happen, and what we can and can't do about them in our quest to manage organizations most efficiently....
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This note was uploaded on 02/24/2011 for the course BUSI 510 taught by Professor Philop during the Spring '11 term at Aachen University of Applied Sciences.
- Spring '11