Explain the production possibilities curve.

St. Thomas University

ECO 500 – 11

Fundamentals of Economics for Business

Term A2, 2015 Office – OMH #: 121

TEXT: W. Boyes and M. Melvin, Fundamentals of Economics. 6th edition. South-Western, 2014. ISBN: 978-1-13395610-3.

Make sure that you purchase the sixth edition!!

COURSE OVERVIEW:

The course is a one-credit, independent, self-paced study of economic principles and practices for those who no previous background in economics. It is for students who have not completed the MBA/MIB economics prerequisite.

STUDENT LEARNING OUTCOMES:

After completing this course, students will be able to:

1. Explain the production possibilities curve.

2. Utilize the tools of supply and demand.

3. Understand the role of the Federal Reserve System.

4. Analyze various fiscal and monetary tools and their impact in the economy.

5. Survey and analyze various economics issues (inflation, unemployment, etc.).

6. Apply the concept of elasticity.

7. Understand the costs of production.

8. Survey and analyze the four market models (perfect competition, monopoly,

oligopoly, and monopolistic competition, etc.).

ECO 500 – Page 2 Dr. Carrillo

Course Outline

Economic and the World Around You. Ch. 1.

Markets and the Market Process. Ch. 2.

The Free Market. Ch. 3.

The Firm and the Consumer. Ch. 4.

Costs and Profit Maximization. Ch. 5.

Competition. Ch. 6.

Government Intervention. Ch. 8.

An Overview of the National and International Economies. Ch. 9.

Macroeconomic Measures. Ch. 10.

Unemployment Inflation and Business Cycles. Ch. 11.

Fiscal Policy. Ch. 13.

Money and Banking. Ch. 14.

Monetary Policy. Ch. 15.

Read ALL instructions carefully!

Assignments are due on the posted dates

It will be to your advantage to do the assignments yourself. Otherwise, you will not be able to understand economics-related issues in some of the MBA/MIB courses. You need to learn to do the computations.

The grading will be on the Pass/No Pass system. If you don’t complete your assignments, on time, you will have to register for the course again.

You can either e-mail your assignments or deliver them to my office preferably before the deadline. I will review them and contact you if corrections are required. If you need to contact me, send me an e-mail.

After you have completed all the questions and the corrections (if necessary), I might require a few additional problems to confirm that you are prepared to take ECO 534