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Defining Managerial Economics
Understand microeconomic and macroeconomic principles of managerial economics.Preview the first lesson free — get full access to all 3 lessons.
Intermediate Provider : Joe Cooke 3 Lessons · 8m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
These lessons define both microeconomics and macroeconomics. You’ll discover the importance of economics to managers who are responsible for making rational business decisions. In addition, you will explore the theory of supply and demand, the theory of exchange or price, production theory, the theory of capital and investment decisions, and the theory of opportunity cost. You’ll also compare mathematical models and empirical analysis and how consumer behavior affects the decision-making process.
Learning Objectives
What You'll Learn
- Define managerial economics and explain its importance to managers making rational business decisions
- Distinguish between microeconomics and macroeconomics
- Identify the five generally accepted theories that underlie managerial economics, including supply and demand, exchange or price, production, capital and investment decisions, and opportunity cost
- Compare mathematical models with empirical analysis in economic decision-making
- Analyze how consumer behavior affects economic analysis and the decision-making process
Key Takeaways
- Managerial economics applies economic concepts to help managers responsible for making rational business decisions.
- The course defines both microeconomics and macroeconomics.
- Five generally accepted theories underlie managerial economics: supply and demand, exchange or price, production, capital and investment decisions, and opportunity cost.
- The course compares mathematical models with empirical analysis.
- Consumer behavior affects economic analysis and the decision-making process.
Frequently Asked Questions
What does this course cover?
It defines microeconomics and macroeconomics and explores the theory of supply and demand, the theory of exchange or price, production theory, the theory of capital and investment decisions, and the theory of opportunity cost. It also compares mathematical models and empirical analysis and examines how consumer behavior affects decision-making.
Who is this course for?
It is aimed at managers who are responsible for making rational business decisions and who want to understand the importance of economics to that process.
What skills will I gain from this course?
The course develops skills in decision making and understanding economic theories.
What lessons are included?
The course includes three lessons: Defining Managerial Economics, Theoretical Approaches, and Consumer Behavior and Economic Analysis.
What are the learning objectives?
To understand the definition of managerial economics, identify the five generally accepted theories that underline managerial economics, and know how consumer behavior affects economic analysis.
