Podcast
Questions and Answers
What primary focus does managerial/entrepreneurial economics emphasize?
What primary focus does managerial/entrepreneurial economics emphasize?
- Sociocultural factors influencing markets
- Political impacts on economics
- Historical trends in economic growth
- Maximizing and efficiently directing scarce resources (correct)
Which of the following topics is NOT explicitly mentioned as a topic to be covered?
Which of the following topics is NOT explicitly mentioned as a topic to be covered?
- Quantitative analysis of demand and supply
- Different types of Markets
- Behavioral economics (correct)
- Entrepreneur's Behaviour
What is one of the responsibilities of a manager/entrepreneur as outlined?
What is one of the responsibilities of a manager/entrepreneur as outlined?
- Conducting market research exclusively
- Setting personal financial goals
- Regulating government policies
- Directing the behavior of individuals and resources (correct)
Which method is NOT mentioned as part of the teaching approach?
Which method is NOT mentioned as part of the teaching approach?
What will the evaluation for the course consist of?
What will the evaluation for the course consist of?
Which of these concepts involves analyzing customer behavior from a business perspective?
Which of these concepts involves analyzing customer behavior from a business perspective?
What is a key aspect of the entrepreneurial/managerial role?
What is a key aspect of the entrepreneurial/managerial role?
Which of the following types of markets is explicitly mentioned in the content?
Which of the following types of markets is explicitly mentioned in the content?
What is a primary focus of managerial/entrepreneurial economics?
What is a primary focus of managerial/entrepreneurial economics?
In what manner is class participation integrated into the teaching methods?
In what manner is class participation integrated into the teaching methods?
Which of the following best describes the behavior of a manager/entrepreneur?
Which of the following best describes the behavior of a manager/entrepreneur?
How are the topics of supply and demand quantitatively analyzed in this course?
How are the topics of supply and demand quantitatively analyzed in this course?
What aspect of markets is included in the deeper topic explorations?
What aspect of markets is included in the deeper topic explorations?
Which concept is emphasized in the evaluation structure of the course?
Which concept is emphasized in the evaluation structure of the course?
What preliminary concept may be discussed if time permits?
What preliminary concept may be discussed if time permits?
What does managerial/entrepreneurial economics primarily address in its definition?
What does managerial/entrepreneurial economics primarily address in its definition?
Study Notes
Managerial/Entrepreneurial Economics
- Managerial/entrepreneurial economics is the study of how to use limited resources to achieve an entrepreneurial/managerial goal.
- The goal of managerial/entrepreneurial economics is to maximize efficiency in achieving goals.
- Managerial/entrepreneurial economics helps to identify and analyze the best strategies for directing resources.
Entrepreneur’s Behaviour
- Managers/entrepreneurs have control over resources and people: They are responsible for overseeing individuals, machines, and assets.
- Managers/entrepreneurs direct resources and behavior towards achieving their goals: These goals may include maximizing profits, expanding businesses, or improving productivity.
- Managers/entrepreneurs are responsible for their own actions and the actions of those under their control.
Learning objectives
- The course aims to teach how an economist thinks about business.
- Learn to apply rigorous economic methods to solve business problems.
Course content
- Define the role of a manager and entrepreneur.
- Explore concepts of demand and supply.
- Analyze demand and supply using elasticities.
- Understand the consumer's problem and its influence on demand.
- Analyze the producer's problem and its influence on supply.
- Identify and optimize different types of markets, including perfect competition, monopoly, monopolistic competition and oligopoly.
- (Time Permitting) Explore preliminary concepts of game theory.
- (Time Permitting) Analyze pricing techniques.
- (Time Permitting) Understand the influence of government on business.
Teaching methods
- Engaging in rigorous discussions using the board and PowerPoint slides.
- Encouraging active participation through student led discussions and case studies.
- Applying economic concepts to real world business examples.
- Utilizing numerical problem solving to solidify understanding in the classroom.
- Provide an economic perspective of business decisions.
Evaluation
- Two class tests: 10% each
- Mid-term exam: 40%
- Final exam: 40%
Teaching methods
- Rigorous concept discussions.
- Case study analysis.
- Class participation.
Entrepreneur's Behavior
- Managers and entrepreneurs are responsible for their own actions and the actions of the individuals, machines, and other assets they control.
- This responsibility includes directing resources and individuals toward achieving goals such as maximizing profits, expanding business, and improving productivity.
What is Managerial/Entrepreneurial Economics?
- The study of directing scarce resources to most efficiently achieve entrepreneurial, managerial, or business goals.
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Description
This quiz covers key concepts in managerial and entrepreneurial economics, focusing on resource management to achieve specific goals. Participants will explore strategies for maximizing efficiency and directing behaviors towards profitability and productivity. Test your understanding of how managers and entrepreneurs operate within these frameworks.
