ECON 6633 - Economics for Managers

This course addresses how scarcity forces individuals, firms, and societies to choose among alternative uses of its limited resources. At the same time, the various choices made by different economic agents must be mutually consistent. Markets are a mechanism to achieve such reconciliation. The course seeks to make the students understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency. 1.5 credits.