MGT101 - EconomicsMGT101 - Economics

Dr. Dennis FosterDr. Dennis Foster

Assumptions

Build Models

Generate Conclusions/Predictions

Compare to the real world

Q/ℓ =f(K,L)

K/ℓ

Q/ℓ

AB

Supply

Demand

Price

Quantity

P

e

Qe

Alfred Marshall

John Maynard KeynesAdam

Smith

Karl Marx

Ayn Rand

MGT101 - EconomicsMGT101 - Economics

““Economics is the study of Economics is the study of mankind in the ordinary mankind in the ordinary

business of life.”business of life.”

--Alfred Marshall--Alfred Marshall

MGT101 - EconomicsMGT101 - Economics

A framework for understanding. . .

ScarcityScarcity

ChoicesChoices

(Opportunity) Costs(Opportunity) Costs

Premise:Premise: Rational self-interest Rational self-interest

Limited Resources

Unlimited Wants

Choices, Choices, Choices: Choices, Choices, Choices: there’s no way around there’s no way around

them.them.

What will be produced?What will be produced?

How will it be produced?How will it be produced?

Who will get what is produced?Who will get what is produced?

Efficiency - Efficiency - the measure of how well the measure of how well

we answer these we answer these questions.questions.

MicroeconomicsMicroeconomics Consumer behavior. Producer behavior.

How Markets Work

Prices as a rationing device. Profit as a reward to producers. Markets as the ultimate “sustainable”

mechanism.

Supply

Demand

Price

Quantity

P

e

Qe

MacroeconomicsMacroeconomics 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.

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

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 TheoryECO 384 Intermediate Microeconomic Theory

– ECO 385 Intermediate Macroeconomic TheoryECO 385 Intermediate Macroeconomic Theory

– ECO 420 Industrial Organization

– ECO 425 Economic Development of the Reservation

– ECO 445 Public Finance

– ECO 464 Labor EconomicsECO 464 Labor Economics

– ECO 473 Money & BankingECO 473 Money & Banking

– ECO 480 Political Economy

– ECO 483 Comparative Economic Systems

– ECO 484 Development of Economic Thought

– ECO 486 International EconomicsECO 486 International Economics

– ECO 497 Independent Study

– ECO 498c Senior Seminar

Social and Behavioral Science Social and Behavioral Science

BS Economics majorBS 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

FCBFCBwebwebpagepage

What do economics majors do?What do economics majors do?

Banking & Finance Journalism Law School Business Government Overseas employment Research Teaching

Economics journalsEconomics 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

Economic Philosophy of Economic Philosophy of Capitalism - Ayn RandCapitalism - 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.”

MGT101 - EconomicsMGT101 - Economics

Dr. Dennis FosterDr. Dennis Foster

Assumptions

Build Models

Generate Conclusions/Predictions

Compare to the real world

Q/ℓ =f(K,L)

K/ℓ

Q/ℓ

AB

Supply

Demand

Price

Quantity

P

e

Qe

Alfred Marshall

John Maynard KeynesAdam

Smith

Karl Marx

Ayn Rand