KnowledgeCity

Managerial Economics

In this course, you will learn the essential economic principles that managers need to know in order to make good business decisions, such as what…

In this course, you will learn the essential economic principles that managers need to know in order to make good business decisions, such as what products to make and how many to produce. This course covers the cornerstone microeconomic theories of supply and demand, and discusses how both firms and consumers generally react to price increases and decreases. It also explains how supply and demand interact to establish an equilibrium price, how profits drive the market, and how demand for products can shift due to non-price factors. You will learn about economic forces that create either surplus or shortage by driving the market away from the equilibrium price. You will also learn how the government can intervene in the market to restore balance. Finally, you will learn about how business decision-making is affected by perfect competition, monopolies, oligopolies, and monopolistic competition. After completing this course, you’ll be able to combine your critical thinking skills and your new knowledge of managerial economics principles to make crucial business decisions.

Learning Objectives

  • Understand the basic economic principles that managers must know in order to make well-reasoned business decisions
  • Understand and apply the concepts of supply and demand
  • Know how to apply supply and demand principles to product pricing and production
  • Know how to identify forms of market competition
  • Use economic principles to make business decisions

Author: Joe Cooke

Duration: 1h 22m · 25 lessons
Level: Intermediate
Language: English

Skills you’ll gain

Business EconomicsEconomicsManagerial EconomicsManagerial FinanceManagerial ScienceMicroeconomics

What You'll Learn

  • Understand the essential economic principles managers need to make well-reasoned business decisions
  • Apply the concepts of supply and demand to product pricing and production decisions
  • Explain how supply and demand interact to establish an equilibrium price, surplus, and shortages
  • Identify forms of market competition including perfect competition, monopoly, monopolistic competition, and oligopoly
  • Analyze how non-price factors and government intervention affect demand and market balance
  • Use economic principles and critical thinking to make crucial business decisions

Key Takeaways

  • Managers need essential economic principles to decide what products to make and how many to produce.
  • Supply and demand interact to establish an equilibrium price, and economic forces can drive the market away from it to create surplus or shortage.
  • Demand for products can shift due to non-price factors, and the government can intervene in the market to restore balance.
  • Business decision-making is affected by perfect competition, monopolies, oligopolies, and monopolistic competition.
  • Combining critical thinking skills with managerial economics principles helps managers make crucial business decisions.

Frequently Asked Questions

Who is this Managerial Economics course for?

It is for managers who need to know essential economic principles in order to make good business decisions, such as what products to make and how many to produce.

What topics does the course cover?

It covers the microeconomic theories of supply and demand, how firms and consumers react to price changes, equilibrium price, surplus and shortages, pricing and elasticity, government intervention, and forms of market competition including perfect competition, monopoly, monopolistic competition, and oligopoly.

What skills will I gain from this course?

You will gain knowledge in business economics, managerial economics, managerial finance, managerial science, and microeconomics, and be able to combine critical thinking with managerial economics principles to make business decisions.

What will I be able to do after completing the course?

After completing the course, you will be able to apply supply and demand principles to product pricing and production, identify forms of market competition, and use economic principles to make crucial business decisions.

Transcript

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Welcome to Knowledge City's course, Managerial Economics. This course will cover the essential economic principles that managers need to know in order to make good business decisions, such as which products to make and how much to produce. We'll also discuss how the supply of goods and services and the demand for those goods and services affect price, along with several other related issues. After completing this course, you'll be able to identify business issues that are economic in nature. You'll also be able to use your critical thinking skills to combine your knowledge of economics and management to make crucial business decisions. Let's get started.

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