This course examines microeconomic concepts and how firms are affected by these concepts. We then examine the macroeconomic concepts that have an impact on all firms in the same country or industry. The last section of the course focuses on the monetary sector of an economy. We examine the functions of money, how it is created, and the special role of the central bank within the economy. NOTE: The following economics courses are highly recommended for students with no prior knowledge of economics: ECON 1150 or ECON 2100 and ECON 2200.
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At the end of this course the student will be able to:
Calculate and interpret the resulting calculation of the elasticity of demand (price elasticity, cross elasticity, income elasticity) and supply, while considering the influencing factors
Distinguish between long-term and short-term impacts of outside shocks on market equilibrium
Outline the relationship between total product of labour, marginal product of labour, and average product of labour
Differentiate between total cost ( including both fixed cost and variable cost), marginal cost, and average cost
Explain the relations among the various cost curves
Assess the profit maximizing (loss minimizing) output for a perfectly competitive firm
Assess the profit-maximizing (loss-minimizing) output under monopolistic competition and an oligopoly
Outline the functions of money
Differentiate the components of the M1 and M2
Outline the economic functions of, and differentiate among, the various depository institutions
Assess the impact of financial regulation, deregulation, and innovation
Assess the factors resulting in demand-pull and cost-push inflation
Differentiate between anticipated and unanticipated inflation
Evaluate the short-run and long-run Philips curve, including the effect of changes in the natural rate of unemployment
Interpret the relation among inflation, nominal interest rates, and the demand and supply of money
Assess the impacts of economic growth, inflation, and unemployment on the business cycle, while considering the business cycle theory and real business cycle theory
Assess supply-side effects on employment, potential GDP, and aggregate supply, including the income tax and taxes on expenditure
Assess the generational effects of fiscal policy, including generational accounting and generational imbalance
Assess monetary policy and the tools utilized by central banks to carry out monetary policy
Effective as of Fall 2011
FMGT 7070 is offered as a part of the following programs:
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