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
Skills you’ll gain
Business EconomicsEconomicsManagerial EconomicsManagerial FinanceManagerial ScienceMicroeconomicsWhat You'll Learn
- Apply the concepts of supply and demand to business decision-making
- Use supply and demand principles to set product pricing and production levels
- Identify forms of market competition including perfect competition, monopoly, oligopoly, and monopolistic competition
- Analyze how equilibrium price forms and how surplus or shortage drives the market away from it
- Evaluate how government intervention can restore balance in a market
- Use economic principles to make well-reasoned managerial business decisions
Key Takeaways
- Supply and demand are cornerstone microeconomic theories that interact to establish an equilibrium price.
- Firms and consumers generally react to price increases and decreases, and demand can also shift due to non-price factors.
- Economic forces can drive the market away from the equilibrium price, creating either surplus or shortage.
- The government can intervene in the market to help restore balance.
- Business decision-making is affected by perfect competition, monopolies, oligopolies, and monopolistic competition.
Frequently Asked Questions
Who is this course for?
This course 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 this course cover?
It covers the microeconomic theories of supply and demand, how equilibrium price is established, how surplus and shortage arise, pricing and elasticity, government intervention, and forms of market competition including perfect competition, monopoly, oligopoly, and monopolistic competition.
What will I be able to do after completing this course?
You will be able to combine your critical thinking skills with your knowledge of managerial economics principles to make crucial business decisions, including applying supply and demand to product pricing and production and identifying forms of market competition.
What skills does this course help build?
It helps build skills in business economics, economics, managerial economics, managerial finance, managerial science, and microeconomics.
Transcript
Show transcript (free preview lesson)
Transcript of the free preview lesson. Remaining lessons unlock with the full course.
Welcome to KnowledgeCity'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.
Learn on the Go
Take your learning anywhere — the KnowledgeCity mobile app lets you watch lessons on the go.