Applied Economics For Managers

We are faced with many choices every day - from what to eat for breakfast to how much to splurge on shopping to which car to buy. The act of decision-making lies at the core of economics, which is not solely concerned with money matters but also involves evaluating various options and alternatives. The field studie how goods and services are produced, distributed and consumed, including society's decisions when allocating resources. This course equips you with essential economic principles, theories, models and policies utilized by stakeholders, businesses and even government bodies to make decisions while managing the economy. We start by exploring the rationale behind the study of economics and its general and basic concepts. We discuss scarcity, microeconomics, macroeconomics and the relationship between supply and demand. We then define terms like ‘demand elasticity’ and ‘market efficiency’ and explore the factors that affect both.

Understanding market structure offers insights into product characteristics and market players' buying and selling behaviours. We discuss various market structures such as perfect competition, oligopolistic markets, monopolistic markets and monopolistic competition. We examine the complex forces that affect the economic wellbeing of consumers, producers and the community in the market system. We analyze the aggregate supply and aggregate demand model, the concept of gross domestic product (GDP), the factors that affect aggregate supply and aggregate demand, the three approaches used to measure GDP and its components. This basic economics course then explains how GDP affects economic growth and lays out the relevant short-and long-term factors. We show you why the unemployment rate matters and how it is measured before we outline the causes of inflation, deflation, stagflation and hyperinflation.

Several economic policies enable stakeholders, government and corporations to manage and control the economy. This course walks you through the economic policies and traces the relationship between banks and the government. We discuss market failure, currency exchange, interest rate, purchasing power parity, trade barriers, tariffs, taxation and more. Our final section explores other economics disciplines, including financial and international economics. Economic proficiency allows people to react better to the risks and opportunities that arise in the world of business. It also improves decision-making by helping managers weigh their options. This course is designed for anyone interested in learning basic economic principles and is particularly useful to managers, small business owners, stakeholders and government officials. The course has no prerequisites and offers guidance to investors and managers. Sign up to master economic concepts and learn how to apply them as a manager to drive business growth and professional success.