Foundations of Business (ECBM 801)
Clock Hours: 25-35 hours
Tuition Charges: $1500
Teaching Method: Online (self-paced)
Objective of this course:
This course explains what the foundation of business is all about. The course focuses on main participants of business and the functions most businesses perform. It addresses the factors used by production businesses to produce goods and services. It also covers the government’s role in managing the economy. Essentially this course explains how the economy works.
Graduates of this course will be able to:
-Identify the main participants of business.
-Describe the functions that most businesses perform.
-Identify the external forces that influence business activities.
-Identify the factors of production businesses use to produce goods and services.
-Describe a free market system.
-Identify four types of competition.
-Define these terms: supply, demand, and equilibrium price.
-Understand the criteria used to assess the status of the economy.
-Distinguish between inflation and deflation.
-Explain how the consumer price index (CPI) is calculated and what it measures.
-Discuss the government’s role in managing the economy.
-Distinguish between monetary policy and fiscal policy.
-Identify the actions taken by the Federal Reserve (Fed) to counter inflation.
-Define the terms “surplus” and “deficit”.
-Explain the difference between macroeconomics and microeconomics.