Economics for Business Professionals
5 DaysEconomics for Business Professionals
Course Methodology
In this course, participants will be able to interact with the instructor, view slides, participate in group discussions, and complete team exercises and case studies.
Course Objectives
By the end of the course, participants will be able to:
- Interpret economic knowledge and establish the economic objectives of their firm
- Estimate demand and analyze how demand elasticity affects revenues
- Estimate cost and use different pricing strategies for a variety of market structures
- Analyze the impact of essential macroeconomic indicators on the firm’s strategic decisions
- Explain the implications of government economic policies on the economy in general and on businesses in particular
Target Audience
Managers, business professionals, and individuals who have decided to explore how good economic decision making is fundamental to the success of business.
Target Competencies
- Evaluating economic choices
- Optimizing decision-making
- Analyzing market structures
- Formulating pricing strategies
- Analyzing profit-maximizing strategies
- Assessing indicators of economic performance
- Interpreting fiscal and monetary policies
Course Outline
- The Firm and Its Goals
- The economic goal of the firm and optimal decision-making
- Economic versus non-economic objectives
- Maximizing the wealth of shareholders
- Economic profits versus accounting profits
- Restrictions and complications firms encounter
- Demand Estimation and Forecasting Techniques
- Demand elasticity and the revenues of a firm
- Categories of elasticity
- Price elasticities of several industries
- Economics in practice
- Demand estimation using data
- Mastering forecasting techniques
- Estimation of Cost, Pricing, and Output Decisions
- The importance of cost in managerial decisions
- The definition and use of cost in economic analysis
- Analyzing market structures and competition
- Pricing strategies and consumer behavior
- Break-even analysis
- Macroeconomic Indicators and the Firm’s Strategic Decisions
- The four stages of the business cycle
- The implications of the business cycle for businesses
- Economic growth and its positive effects
- Macroeconomic indicators affecting the economy and the firm
- The impact of exchange rates on the economy
- Nominal versus real GDP
- The Effects of Government Economic Policies on Businesses
- The expansionary fiscal policy and its implications
- The contractionary fiscal policy and its implications
- The expansionary monetary policy and its implications
- The contractionary monetary policy and its implications
- The effect of public debt on the economy and businesses
- The balance of trade and its impact on the economy
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Classroom Schedule
Virtual Schedule
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