Mount Vernon Nazarene University

2011-2012 Catalog

ECO3003 Business Economics [3].

Content includes basic microeconomic and macroeconomic principles and their applications to such subjects as competition versus monopoly, the role of government, economic stabilization policies, and international trade and finance. Special emphasis given to the theory of consumer choice and demand; comparative advantage and barriers to trade; the theory of producer choice and supply; price and output determination in various competitive environments; markets for labor, capital and natural resources; income distribution; resource allocation; the role of government in regulating, financing and producing in the economy, including analysis of the social choice framework within which democratic decisions are made. This course is offered in non-traditional format only.