Economics For Business Decision Requirements

Description

Managers can use economics to strategize and solve a variety of business problems, from the mundane to the mission-critical. In this course, we explain how to use economic theory to answer strategic questions such as…

Business economics is that science upon which industries, factories and veils depend in the process of producing goods and commodities and the way that attracts the consumer and fulfills his requirements and returns to the company with profits. And although many believe that economics is about money, the stock market, and treasury bills, fortunes, an economy as it is defined

• What are customers buying? (demand theory)

• What should we produce? (production theory)

• Which costs do I need to worry about now? (cost theory)

• What market am I in? (competition theory)

• What should we charge for it? (pricing theory)
  To understand what managerial economics looks like in practice, we explain how Google's auction-based advertising system employs the principles of game theory and how understanding this can help decision-makers to outmaneuver their competitors.

Outcomes:

• Throughout this course we will learn the meaning and the importance of Using economics to solve business problems

• Understanding price elasticity

• Demand curve shifts

• Economics of scale vs. scope

• Break-even and what-if analysis

• Profit maximization

• Economics in action

Audience:

• Managers

• Business Owners

• Entrepreneurs

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