Faculty: INSTITUTE OF GRADUATE PGROGRAMS This major provides a comprehensive understanding of the principles and practices of management economics, focusing on the application of economic theory and quantitative methods to business decision-making. Students explore key areas such as microeconomics, macroeconomics, managerial decision analysis, and economic policy. The program emphasizes analytical thinking, strategic planning, and the use of economic tools to solve business problems and optimize organizational performance. Graduates are prepared for careers in business analysis, consulting, finance, and public policy. **Learning Objectives:** - Understand the fundamentals of microeconomic and macroeconomic principles. - Develop skills in applying economic theory to managerial decision-making. - Learn techniques for analyzing market trends, consumer behavior, and competitive strategies. - Explore the role of economic policy and its impact on business environments. - Understand the principles of cost analysis, pricing strategies, and resource allocation. - Analyze challenges and opportunities in business and economic environments. - Develop critical thinking and problem-solving skills for strategic decision-making. **Major Outline:** 1. **Introduction to Management Economics** - Overview of the field, its history, and its applications in business and policy. 2. **Microeconomic Principles** - Study of supply and demand, market structures, and consumer behavior. - Techniques for analyzing individual and firm-level decision-making. 3. **Macroeconomic Principles** - Fundamentals of national income, inflation, unemployment, and economic growth. - Techniques for understanding the broader economic environment. 4. **Managerial Decision Analysis** - Principles of decision-making under uncertainty and risk analysis. - Techniques for optimizing business decisions using economic models. 5. **Market Analysis and Competitive Strategy** - Study of market trends, competitive dynamics, and strategic positioning. - Techniques for developing effective business strategies. 6. **Cost Analysis and Pricing Strategies** - Fundamentals of cost behavior, cost-volume-profit analysis, and pricing models. - Techniques for setting prices and managing costs effectively. 7. **Economic Policy and Business Environment** - Exploration of fiscal, monetary, and trade policies and their impact on businesses. - Techniques for adapting to changes in the economic policy environment. 8. **Quantitative Methods in Economics** - Study of statistical and econometric tools for economic analysis. - Techniques for data analysis and interpretation in business contexts. 9. **Emerging Trends in Management Economics** - Analysis of innovations such as behavioral economics, game theory, and digital economies. - Techniques for adapting to new trends and technologies in the field. 10. **Capstone Project in Management Economics** - Real-world project to apply learned skills in economic analysis, strategy development, or policy evaluation. - Techniques for delivering a comprehensive management economics solution. **Assessment Methods:** - Case studies and simulations of business and economic scenarios. - Written assignments on microeconomics, macroeconomics, and decision analysis. - Group projects in market analysis and strategic planning. - Participation in internships or fieldwork with businesses, consulting firms, or policy organizations. **Recommended Textbooks:** - "Managerial Economics and Strategy" by Jeffrey M. Perloff and James A. Brander. - "Principles of Economics" by N. Gregory Mankiw. - "Microeconomic Theory: Basic Principles and Extensions" by Walter Nicholson and Christopher Snyder. - "Economics for Managers" by Paul G. Farnham. **Prerequisites:** Basic knowledge of economics, mathematics, and business is recommended. Suitable for students in economics, business, and related fields. **Major Duration:** Typically 4 years, including coursework, projects, and internships. **Certification:** Graduates may receive a degree in Management Economics or a related field. **Target Audience:** Aspiring business analysts, consultants, policy advisors, and managers seeking to excel in applying economic principles to business decision-making and strategy. This major equips students with the analytical, strategic, and problem-solving skills needed to excel in management economics, driving informed decision-making and organizational success.