...GE117 Composition I | A 4 credit hour Composition course This course covers phases of the writing process, with special emphasis on the structure of writing and techniques for writing clearly, precisely and persuasively. Prerequisite or Corequisite: TB133 Strategies for the Technical Professional or equivalent GE127 College Mathematics I | A 4 credit hour Mathematics course This course will include, but is not limited to, the following concepts: quadratic, polynomial and radical equations, linear functions and their graphs, systems of linear equations, functions and their properties and triangles and trigonometric functions. Activities will include solving problems and using appropriate technological tools. Prerequisite: GE184 Problem Solving or TB184 Problem Solving or GE150 Survey of the Sciences or equivalent; Prerequisite or Corequisite: TB133 Strategies for the Technical Professional or equivalent GE184 Problem Solving | A 4 credit hour Science course This course introduces students to problem solving techniques and helps them apply the tools of critical reading, analytical thinking and mathematics to help solve problems in practical applications. GE192 College Mathematics II | A 4 credit hour Mathematics course This course will include, but is not limited to, the following concepts: exponential and logarithmic equations and functions, graphs of trigonometric functions, trigonometric equations, polar coordinates, oblique triangles, vectors and sequences. Prerequisite:...
Words: 1186 - Pages: 5
... 3 17 weeks Finance and Business Economics Division Core Prof. Taimoor Qureshi By Appointment taimoor.qureshi@ucp.edu.pk COURSE DESCRIPTION Principles of Microeconomics is an introductory course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. COURSE OBJECTIVES After studying this course the students should be able to: Understand the basic concepts of the subject. Understand the application of the tools of demand and supply for efficient resource allocation and profit maximization. Identify core economic issues related to business firms. Comprehend the benefits of market efficiency. GRADING PLAN TYPE Quizzes Assignments Final Projects Midterm examination Final term examination Total PERCENTAGE (%) 10 10 10 30 40 100 CALENDER OF ACTIVITIES WEEK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 CONTENTS TASKS/ACTIVITIES Introduction to Economics • Basic Concepts – I Class Introduction Introduction to Economics • Basic Concepts – II Utility Assignment 1 Due Demand Supply Quiz 1 Markets - I Markets - II Mid-Term Midterm Exam Market Analysis: shares, currency, and labor markets ...
Words: 469 - Pages: 2
...Microeconomics Paper One Renee Ingram Chamberlain College of Nursing Econ312: Principles of Economics Spring 2013 MICROECONOMICS 2 Every day individual consumers make choices for products they feel are needed in their lives. Whether out of comfort or necessity, the choices made can determine the standard of living for the individual. Research by McConnell, Brue, and Flynn (2012) argue, “Even though biologically people need only air, water, food, clothing and shelter,” once these basic needs are met, the other items desired are only to make one’s life more comfortable (McConnell, Brue, & Flynn, 2012). However, the choices made by these individuals have one obstacle, and that is how does one chose to use limited resources so as to satisfy these unlimited wants. This is where the idea of economics comes into play. Economics is defined as the basic study of supply and demand of goods in a market structure, and how this market is driven by self-interests of individual consumers for their unlimited wants. For consumers, McConnell, Brue, and Flynn (2012) suggest, “Individuals look for and pursue opportunities to increase their utility---they allocate their time, energy, and money to maximize their satisfaction” (McConnell, Brue, & Flynn, 2012). Since goods or services are limited, the self-interest of individuals will drive them to choose one product or service over another in order to maximize their comfort. Bearing in mind the above stated...
Words: 606 - Pages: 3
...and the environment that it functions in. It uses various economic theory and other quantitative methods to scrutinise a business organisation and the issues that influences the enterprise with the labour and its market. Question 1 Business Economics is a useful toolbox for understanding the business environment and making better decisions. Consider you are the managing director of a manufacturing company based in UK; describe the different aspects of the business that you should be looking at from an economics perspective in order to run the company efficiently. Consider both the microeconomics and macroeconomics perspectives. The entire business organisations around the globe have one similar goal and that is to increase the profit. By scrutinising the demand of the clients, supplying good quality and suitable supply, the profit can be maximised. Conversely there are various microeconomic and macroeconomic factors that affect this process. These factors significantly affect the sales and production level of a business organisation1. The following are few of the economic factors that affect the efficiency of a business organisation. All these factors are interconnected to each other. * Demand and supply: Two of the main factors that affect the efficiency of an organisation are demand and supply. The demand...
Words: 2142 - Pages: 9
...the rentals. The simulation helped students in determining rental rates, vacant apartments, and the quantity of apartments that are rented for any given month. According to the text, macroeconomics is the study of the economy in its entirety. Macroeconomics is studying unemployment, business cycles, business growth, and inflation. Microeconomics refers to studies of individuals and decisions made in business. An effect of a microeconomic result would be a higher demand for maintaining the rented properties by an increase in rented apartments and employment would increase. If Goodlife wanted to reduce the vacancy rate, lowering prices of two bedroom apartments would increase demand of the apartments. Prices of the two bedroom apartments will rise as the demand for a two bedroom apartment increases. This equates to the microeconomic effect with increased revenue for Goodlife, Increased revenue equates to more money spent building additional buildings, maintaining and up keeping the apartments to for tenants to live in. This simulation was isolated to specific area, Atlantis, and being limited to a specific area I would feel that this is a microeconomic principle. Thinking about this in macroeconomics...
Words: 731 - Pages: 3
...Supply and Demand Simulation Joseph Silva Eco 365 FARIBA KHERADMAND 5/6/14 In this paper we will be observing the key points of microeconomics and how it relates to week twos supply and demand simulation. We shall go over and review the basic principals on how the supply and demand curve works and is effected in certain senarios. Also in this summary we will go over the affects on equlibrium price, quantiy, and decision making. Finally we will talk about the firms stategies how it relates to the senario. The senario in this simulation brings you to a new city called Atlantis where you are a property manager of some two bed room apartments. Your job is to manage the rental rates and make sure things don’t get out of hand in reguads to shifts in the demand and supply. The first topic we shall review in this paper is the miro and macro economic principles that came up in the simulation. From the the microeconomy stand point the two concepts that came up were the supply and demand as well as price cellings. The supply and demand was the most obvious one to choose. In the simulation you had to figure out how much the supply and demand curve shifted. In most cases the demand curve was always shifting due to the preferences of the simulation always changing. If the population increased then the demand for the apartments increased. Same thing if the preference changed it could cause and increased affect or a decreased...
Words: 758 - Pages: 4
...Running Head: Reflection on why Managers need working Knowledge of Micro Economics Prior to Formulating Strategy. ECON521 – Economics of Organizational Architecture and Strategy As many know management is a basic essential to any organization. Many different things fall under management in order to fulfill every aspect of that position. You don’t have to be a college Graduate in order to be a manager, but you do have to have many skills. When being a manager you must know how to cultivate a team, you must have great listening skills, you must be able to empower your staff, and have knowledge in an overall structure of an organization. Microeconomics plays a part of management. Roughly speaking, microeconomics deals with economics decisions made at a low, or micro, level. More precisely, I would define microeconomics as "the analysis of the decisions made by individuals and groups, the factors that affect those decisions and how those decisions affect others". Microeconomic decisions by both firms and individuals are motivated by cost and benefit considerations. Costs can be either in terms of financial costs such as average fixed costs and total variable costs or they can be in terms of opportunity costs, which consider alternatives foregone. Prior to formulating strategy, a manager must of course have knowledge of what he/she wants to accomplish. The key component of any strategy statement is to set the long-term objectives...
Words: 570 - Pages: 3
...The Affects of Monopolies on Our current Microeconomic Situation More than anything else, the progress of the world in the 21st century depends on economics. The microeconomic situation of the United States has several determining factors contributing to it's current status. What we earn, what we save, what we spend, how deligently we work and retain our jobs is all part of the microeconomic system that controls our daiy lives. Another large factor hindering the success or downfall of the current economy is the effect of monopolies. By defintion a monopoly is a large company that has exclusive control of a commodity or service in a particular market giving them the power to manipulate prices. In a sense a monopoly is the logical result of competition. The roles of a monopoly in microeconomics severly affect the manner in which individual businesses can effectivly conduct their business in more than one way. Monopolies have forever affected our economy but these following pages are more of a generalized overview of the affects they have had strictly in the 21st century. One role of a monopoly in microeconomics is the effect it has on the pricing of goods and services. Monopolies can impact consumer prices in two obviously different ways, they can cause prices to drop so low that it forces companies out of business, or it can cause prices to skyrocket making it difficult for consumers to purchase a product. Neither of these options are necessarily good for the consumers...
Words: 933 - Pages: 4
...three classes represented by farmers, landowners and the sterile class. Malthus, Sismondi and Marx in the 19th century dealt with macroeconomic problems. Walras, Wicksell and Fisher were the modern contributors to the development of macroeconomic analysis before Keynes. Certain economists, like Cassel, Marshall, Pigou, Robertson, Hayek and Hawtrey, developed a theory of money and general prices in the decade following the First World War. But credit goes to Keynes who finally developed a general theory of income, output and employment in the wake of the Great Depression. Contents: Nature of Macroeconomics Difference between Microeconomics and Macroeconomics Dependence of Microeconomic Theory on Macroeconomics Dependence of Macroeconomics on Microeconomic Theory Macro Statics, Macro Dynamics and Comparative Statics Transition from Microeconomics to Macroeconomics Stock and Flow Concepts 1. Nature of Macroeconomics:________________________________________ Macroeconomics is the study of aggregates or averages covering the entire economy, such as total employment, national income, national output, total investment, total consumption, total savings, aggregate supply, aggregate demand, and general price level, wage level, and cost structure. In other words, it is aggregative economics which examines the interrelations among the various aggregates,...
Words: 11722 - Pages: 47
...University of Phoenix Material Macroeconomic Terms Define the following terms in your words. |Term |Definition |Definition Source | |Gross Domestic |Gross Domestic Product |http://www.investopedia.com/terms/g/gdp.asp | |Product (GDP) |(GDP) is a way to measure| | | |how well a nation’s |Goss Domestic Product - GDP | | |economy is doing. This is| | | |the value of money after | | | |the goods and services | | | |are calculated during a | | | |certain time. | | |Real GDP |Real GDP is the whole |http://www.diffen.com/difference/Nominal_GDP_vs_Real_GDP...
Words: 564 - Pages: 3
............... 01 ABSTRACT ...................................................................................02 ASSIGNMENT ...................................................................................03 REFERENCE ...................................................................................08 INRODUCTION 1] Description managerial economics relies on microeconomics and industrial organization to analyze business practices and design business strategies 2] Description the difference between price-taking and price-setting firms. ABSTRACT Overview of industrial organisation and micro economics related to managerial economics and difference between price taking and price setting. ASSIGNMENT 1. Why managerial economics relies on microeconomics and industrial organization? Answer: The new managerial economics design comprised three part that is: part 1: basic concepts [supply and demand analysis ,market demand analysis ,production and cost analysis and factor markets] part2: industrial organisation...
Words: 403 - Pages: 2
...A. Introduction The module is divided into 2 parts, each of which will be discussed over the course of one semester: Microeconomics (ECON 1111) and Macroeconomics (ECON 1211). Microeconomics studies individual decision-making by both consumers and firms and also how they interact in individual markets. Macroeconomics studies the economy as a whole, i.e., it studies economy-wide phenomena resulting from group decision-making in entire markets. This distinction will become clear as we proceed with the discussions but it useful to note that both approaches are closely intertwined and modern economic theory involves a blending of these two branches. The module assumes only basic prior knowledge of Economics and since there are no prerequisites, you should not encounter much difficulty even if you have not studied Economics before. I strongly recommend students to put in extra effort and not to limit themselves to my lecture notes. Additional reading must be done in order to follow the lectures comfortably and to overcome weaknesses, if any, in the subject. B. Readings The required textbook for this module is Begg, D., S. Fischer and R. Dornbusch (2008), Economics, McGraw Hill, 9th edition. However, you are encouraged to consult any appropriate textbook on introductory economics. The following is a list of recommended texts: 1. Lipsey, R.G. and K.A. Chrystal (2007), Principles of Economics, Oxford University Press, 11th edition. 2. Hardwick, P., J. Langmead and B...
Words: 257 - Pages: 2
...order to get those things, people have to spend money. The issue is that everything that people need and want costs money. More often than not, people do not have the money to do both so they have to decide which things are important for them to have right now. This does not only apply to families, but businesses as well. This paper will address different types of economics and some of the factors that contribute to its changes. Economics is “a social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy unlimited wants.” Economics is broken down into microeconomics and macroeconomics. Microeconomics analyzes how firms and households make decisions about how they should spend their money respectively. Microeconomics focuses on a smaller scale, hence the prefix micro-. It looks at the basic economic theory of supply and demand which tells businesses how much of a certain product they should produce, and how much they should be charging for it. Macroeconomics on the other hand studies the whole economy which includes things like unemployment rate, national income, rate of growth, gross domestic product, inflation, and price levels. There are also two main schools of thought in economics. The first is classical, and they thought that when there was a problem that the solution should be aimed to fix it in the long run. Keynesian economists thought that solutions should be geared towards fixing them in the short...
Words: 2157 - Pages: 9
...ECO/365 Final Exam v.4 | User | 9020019679 | First Name | LORETTA | Last Name | LUCERO | Confirmation # | 23611188 | Score | 50 | Total Questions: | 30 | Total Correct | 15 | Start: | 5/29/2013 12:48:13 PM | End: | 5/29/2013 1:11:00 PM | Here is some additional information on items you missed: Topic: Differentiate between macroeconomics and microeconomics. Question: A basic difference between microeconomics and macroeconomics is that microeconomics | Topic: Analyze the effect of changes in supply and demand on the equilibrium price and quantity. Question: The distinction between supply and the quantity supplied is best made by saying that | Topic: Determine how elasticities affect pricing and purchasing decisions. Question: Price elasticity of demand is the: | Topic: Analyze the relationship between productivity and the cost of production. Question: Other things being equal, when average productivity falls, | Topic: Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs. Question: A firm's demand for labor is derived from the | Topic: Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential. Question: Owen runs a delivery business and currently employs three drivers. He owns three vans that employees use to make deliveries, but he is considering hiring a fourth driver. If he hires a fourth driver, he can schedule breaks and lunch hours so...
Words: 543 - Pages: 3
...1.1 Introduction to Referencing Referencing is the process of recording details of the secondary sources (books, journal articles, electronic sources etc) you refer to in a piece of work. You need to acknowledge these sources for two reasons – • firstly to protect yourself against any accusations of plagiarism. The University of Hertfordshire’s UPR 17-1 defines plagiarism as “ the representation of another person's work as the candidate's own, either by extensive unacknowledged quotation or paraphrasing or by direct copying of another person's work” • secondly to allow you and whoever is assessing your work to be able to easily trace the original source if need be. You need to refer to your sources in two places- • in the body of your work • in the list of references at the end. What follows shows you how to do this for various types of material: books, journals and electronic resources, preceded by a section on how to deal with quotes. The Harvard system of referencing is used for printed sources. At present, this does not cover electronic sources, but we will be using a commonly used set of guidelines for the latter. Please read through the handout, and try the practical exercises in Parts 1.3, 1.4 and 1.5 1.2 Using Quotations The following guidance on using quotations applies to all forms of material – books, journals and electronic items. It is appropriate to use quotations to support or illustrate points you wish to make in your assessed work...
Words: 2514 - Pages: 11
