This course considers the domestic and global economic environment of business and its impact on management planning and decision making. It aims to teach various concepts and analytical tools of economics as well as economic logic in order to help students to understand the economic issues and events occurring around them. This subject has two broad areas: Microeconomics focuses on how individual decision-makers behave and interact in markets. Macroeconomics sees the economy as composed of several broad groups of decision-makers-- particularly households, firms, and governments--and studies how the interaction of these groups affects the aggregate performance of the economy. The class combines these two complementary approaches. Economics topics covered include but are not limited to: how economics and the world of business are related, the supply and demand model and how markets work, costs of production, revenue and profit, the macroeconomic environment of businesses, GDP and economic growth, how government policies affect markets and economic performance, why inflation, recession and unemployment occur and their effects, comparative advantage and trade, globalization and multinational business, international trade and trading blocs, and the balance of payments.
- Teacher: Fahrettin Sumer
