Two branches of economics i. Micro Economics is the study of the behaviour of individual consumers and firms whereas microeconomics is the study of economy as a whole. All the firms operating in the market have to take under consideration the constituent of the economic environment for its proper functioning.
This economic environment is nothing but the Micro economics elements. Micro Economics is a broader concept as compare to Managerial Economics.
Micro Economics forms the foundation of managerial economics. Almost all the concepts of Managerial Economics are the perceptions of Micro Economics concepts. Managerial economics can be perceived as an applied Micro Economics. Managerial Economics applies the theories of Micro Economics to resolve the issues of the organization and for decision making. All Managers want to carry out their function of decision making with maximum efficiency.
It is objective in nature, while normative economics provides value judgment and expresses an opinion on what it ought to be. Microeconomics consists of both since they are both a part of its scope. Managerial economics, however, is normative because it provides judgment on the outcomes of a firm. It analyzes the future position of a firm so it does not contain any factual content. The effects of a firm's decisions are discussed, explaining what a firm should do to achieve its objectives.
Macroeconomics deals with economy as a whole, combining all the units. Microeconomics is the study of an individual's behavior that does not have a grain of macroeconomics. On the other hand, managerial economics applies microeconomics in a significant way and considers macroeconomic theories as well while analyzing results.
Therefore, it is a combination of both microeconomics and macroeconomics; for instance, it applies demand, supply or cost through microeconomics and also takes into account national income or inflation under macroeconomics. Current Issues in Banking An analysis of current problems in commercial banking from the points of view of the banks, their regulators, and the public. Prerequisite: FIN or department approval.
International Economics: Principal theories of international trade: foreign exchange markets, international capital flows, barriers to trade, international economic institutions, and the economics of regional trade integration. Public Sector Economics: Financial administration by agencies of local, state, and federal government; principles of taxation; sales, property income, and inheritance taxes; analysis of government expenditures and public credit.
Economics and Law is a natural fit. Economics is the science of rational choice in a world in which resources are limited relative to human desires.
The legal environment, in turn, determines the "rules of the game" as played by rational decision makers. It is quite natural for economists to question the origin, nature, and consequences of those rules as they pertain to individual and group choice behavior.
Economic methods will be applied to analyze law and the law's effect on behavior. Economics of Labor A study of the basic principles, historical background and characteristics of labor markets; theories of wages, wage structures, collective bargaining and the role of government in labor problems.
Prerequisite: ECON or equivalent preparation and permission of the instructor, and junior standing. Economy of Mexico A survey of the growth and change of the Mexican economy. Emphasis is placed on the description and analysis of recent and current economic policy. Introductory Health Economics: This course covers essential concepts of economics applied to the healthcare sector, and provides students with the tools for understanding the challenges of delivering and financing health care.
A general background of the US healthcare system is the basis for this course, followed by a review of the economic forces which make the healthcare sector so unique in our economy. At the conclusion of this course, students will be able to: 1 understand the importance of the healthcare sector in the U. Independent Study in Economics Prerequisites: Department approval. Topics to be announced. This course may be repeated for credit when topics change.
Search catalog Submit search. Courses ECON Basic Issues in Economics C. ECON Principles of Economics.
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