Introduction to fundamental economic concepts including production possibilities and economic growth, market supply and demand analysis, money, banking, and government fiscal and monetary policies.
Emphasis is placed upon fluctuations in national income, employment and the price level.
Mathematical models for the analysis of decision-making problems are examined. Topics include the echelon method for solving linear equations, matrix manipulations, optimization by linear programming including the simplex method, risk decisions using probability, expected value, and statistics. Additional topics may be chosen from network models or game theory. Methods of collecting, presenting, analyzing, and interpreting business data. Emphasis on the understanding of probability distributions such as the binomial, normal, exponential, and Poisson.