MGT101 - Economics Dr. Dennis Foster Assumptions Build Models Generate Conclusions/Predictions Compare to the real world Q/ ℓ =f(K,L) K/ℓ Q/ ℓ A B Supply Demand Price Quantity PePe QeQe Alfred Marshall John Maynard Keynes Adam Smith Karl Marx Ayn Rand

MGT101 - Economics “Economics is the study of mankind in the ordinary business of life.” --Alfred Marshall

MGT101 - Economics  A framework for understanding...ScarcityChoices (Opportunity) Costs Premise: Rational self-interest Limited Resources Unlimited Wants

Choices, Choices, Choices: there’s no way around them.  What will be produced?  How will it be produced?  Who will get what is produced? Efficiency - the measure of how well we answer these questions.

Microeconomics  Consumer behavior.  Producer behavior.  How Markets Work  Prices as a rationing device.  Profit as a reward to producers.  Markets as the ultimate “sustainable” mechanism. Supply Demand Price Quantity PePe QeQe

Macroeconomics  Unemployment & slow economic growth.  Inflation.  Dealing with business cycles  The cycle as dynamic reallocation of resources.  Monetary & fiscal policy to affect cycles.  The Fed, the Congress & the President.

The W. A. Franke College of Business BSBA degree emphasizes...  a core set of business courses...  including marketing, management, accounting, computer information systems, finance, law, and statistics.  18 hours of coursework in economics plus certificate: –Accounting Accounting Public Accounting Accounting Information SystemsAccounting –American Studies CertificateAmerican Studies Certificate –Business EconomicsBusiness Economics –Computer Information Systems Business Analyst Database Systems Systems Administration Web TechnologyComputer Information Systems –Finance Investments Corporate Financial ManagementFinance –International Business StudiesInternational Business Studies –Management Entrepreneurship General Management Human Resource ManagementManagement –Marketing Promotion & Marketing Communication Customer ServiceMarketing

Economics Course Offering: –BA 321 Intermediate Business Statistics –ECO 325 Environmental Economics –ECO 346 Economic & Business Forecasting –ECO 356 Regional & Urban Economics –ECO 384 Intermediate Microeconomic Theory –ECO 385 Intermediate Macroeconomic Theory –ECO 420 Industrial Organization –ECO 425 Economic Development of the Reservation –ECO 445 Public Finance –ECO 464 Labor Economics –ECO 473 Money & Banking –ECO 480 Political Economy –ECO 483 Comparative Economic Systems –ECO 484 Development of Economic Thought –ECO 486 International Economics –ECO 497 Independent Study –ECO 498c Senior Seminar

Social and Behavioral Science BS Economics major  The Social and Behavioral Science BS degree emphasizes...  a program of study based upon social science courses, including political science, geography, history, and sociology.  36 hours of coursework in economics.  career preparation for employment in both public and private sectors with an orientation in broad economic issues that span both sectors of the economy.  a choice of a focus that supplements the social science orientation of the Economics major (18/15 hrs.). –Environmental Emphasis –International Emphasis –Quantitative Emphasis –Pre-Law Emphasis –Southwest Emphasis

FCB web page

What do economics majors do?  Banking & Finance  Journalism  Law School  Business  Government  Overseas employment  Research  Teaching

Economics journals  Economics of Housing  Women in the Labor Market  Mathematical Economics  Economic Anthropology  Economic Theory of Auctions  Economics and Biology  Law and Economics  Economics of Energy

Economic Philosophy of Capitalism - Ayn Rand  The right to life is the source of all rights – and the right to property is their only implementation. Without property rights, no other rights are possible.  "Capitalism is the only system that can make freedom, individuality, and the pursuit of values possible in practice.”

MGT101 - Economics Dr. Dennis Foster Assumptions Build Models Generate Conclusions/Predictions Compare to the real world Q/ ℓ =f(K,L) K/ℓ Q/ ℓ A B Supply Demand Price Quantity PePe QeQe Alfred Marshall John Maynard Keynes Adam Smith Karl Marx Ayn Rand