The theory of national income determination, employment, fluctuations and growth of economics activity is studied. Students gain knowledge of the application of various mathematical and statistical methods used in analyzing business and economic data from a population using basic differentiation, probability distribution, decision analysis, forecasting, linear programing, project scheduling, inventory, management, waiting line models maximization and minimization techniques, models of cost, profit, revenue, profit and break even analysis. Students apply these techniques in analyzing business problems. ECON 3203 Students acquire an understanding of descriptive statistical techniques as applied in analyzing business and economic data. Topics include frequency distribution, descriptive statistics, inferential statistics, probability concepts, index numbers, analysis of variance, correlation, and simple and multiple linear regression models.
Students analyze the role of money and credit in the economy.
Topics include wage theory and wage differentials, training policy, poverty, unemployment and under unemployment, discrimination, productivity, industrialization and union policies. Students analyze the theoretical principles of international trade theories and theories of exchange rate determination. Students acquire an understanding of the gains from international trade, the effect of trade restrictions on the mobility of international productive factors, international balance of payments, determination of income, employment, and inflation in open economy, and international impact of monetary and fiscal policies under fixed and flexible exchange rates. Students apply and use micro and macro economic models in analyzing and solving selected problems such as product pricing, product mix, demand forecasting, consumer demand, production and cost analysis and market analysis. Students analyze theories of economic development and current constraints on economic growth as they are related to the world economy.