ECO 301 BUSINESS ECONOMICS

What functions do firms serve, and where do firms fit in a market economy? We will explore these questions by analyzing two perspectives. The first perspective is that firms are rational agents in markets, maximizing profits subject to the constraints of demand, production, cost and market structure. The second perspective is that a firm is a complex organization that has emerged in response to problems of information, strategy and value maximization. In the first perspective, firms are subordinate to markets. In the second perspective, the firm can often coordinate activity more effectively than markets. How - and when - is this possible?

Credits

4 sh

Prerequisite

ECO 111 and ECO 203 or for Economics, International Economics or Statistics majors or minors only MTH 220/STS 212

Offered

Offered fall, spring and summer.

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