Examine aggregate levels of income and output, employment, prices, the role of the Federal Reserve, the impact of government spending and taxation, and economic legislation. Analyze supply and demand, elasticity, monopoly power, and externalized and resource markets. Waived for those who have completed 6 credits of undergraduate micro- and macroeconomics with a grade of B or better.
A rigorous treatment of microeconomic theory and its application. Examine quantitative techniques appropriate to demand forecasting, price determination, market share strategies, and resource planning.
Study the theory of international trade including absolute advantage (Smith), comparative advantage (Ricardo) through Hecksher-Ohlin, and Leontief’s paradox. Topics include the study of exchange rates; balance of payments; significance of international investments; global environmental economic issues; international commercial treaties and agreements; international investments; and the complexity of international finance as they affect the position of the U.S. in the world economy.
Prerequisite(s): Macroeconomics and Microeconomics.