This course weds business strategy with the principles of microeconomics. It offers valuable a powerful toolbox together with cases and lessons across all major functions of business, management, from finance, operations management, and marketing to human resource management, organizational behavior, statistics, and, of course, business strategy.
Microeconomics for Managers: Introduction
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From the course by University of California, Irvine
Strategic Business Management - Microeconomics
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From the lesson
Introduction to Microeconomics for Managers
Meet the Instructors
Dr. Peter NavarroProfessor
Paul Merage School of Business
[MUSIC]
Hi, I'm Peter Navarro and I'd like to welcome you to this two course sequence in
the principles of economics including both microeconomics and macroeconomics.
And just FYI, these two courses can be taken in any order or
as standalone courses.
As to just what exactly is the difference between micro and macro?
Well microeconomics focuses on individual markets and
individual actors like consumers, and producers, and workers.
And micro is all about how things like prices, and
wages, and rents, are set in the marketplace.
And perhaps most interestingly, how firms and
industries are organized strategically and competitively.
In contrast, macroeconomics is concerned with bigger picture questions like,
how fast is the economy growing, and is it likely to fall into a recession?
What are the rates of inflation and productivity, and
what do these rates mean for wage growth and corporate profitability?
And is it perhaps time for the government to use tools like fiscal or
monetary policy to stimulate a recessionary economy?
As to whether these economic courses are right for
you, certainly if you're an undergraduate business major or
interested in a business career, you've come to the right digital space.
That's because I've personally designed this two course sequence
to highlight the many and varied applications of economic principles
to both business strategy, and the broader business environment.
That said, these courses should also be of great interest to any of you out there
in University of California land who want to fulfill general education credits.
At the same time that you seek to lay down a strong foundation for
your financial future.
Here I cannot promise to make you rich beyond your wildest dreams.
But I am almost certainly going to guarantee that you will fare far better in
that jungle called life after graduation if you have a solid understanding
of how economics can be applied to your own personal and professional lives.
>> One, two, three, ZOD, ZOD, ZOD all right.
>> [APPLAUSE]
>> Finally, these economic principles
courses can also be of great value as online supplements in any MBA program.
As I've learned from my own experience teaching at the Merage School of Business
here at UC Irvine, these online courses are particularly helpful to the many
MBA students who have not taken undergraduate economics, as well as for
those MBA students who simply need a business oriented refresher in economics.
So I hope you enjoy these courses wherever and whoever you may be.
With that said, let's move now on to the first big task of this lesson.
[MUSIC]
What we're going to do now is take a neat little virtual tour through the main
components of any business school curriculum.
Just why are we doing this, and of course in economics to put it simply,
it's an exercise in, let's look at the business education forest
before we get lost amongst the individual course trees.
And my broader goal here is to show you how the many and varied insights and
tools of economics provide the essential glue
that binds these pieces of the business education puzzle together.
For example, when we work our way through consumer theory and microeconomics,
you will quickly see that the tools of supply and demand and
concepts like price elasticities can certainly help marketing executives
figure out how to profitably price and position a firm's products.
At the same time, the insights and models of production theory
provide a mighty boost to any firm's operations management team
seeking to produce the firm's products at the lowest possible cost.
But it's not just microeconomics that is so valuable in running an enterprise.
A solid grounding in macroeconomic principles and
business forecasting can also help executives more profitably manage
the organization over the course of the ups and downs in the business cycle.
Here although it may seem counter intuitive, recessions can be a great
time for firms to increase their advertising and capital investment.
So as to be ready for the next profitable economic expansion.
Yet far too often, penny pinching firms do just the opposite in recessions and
lose great profit opportunities.
At any rate, and that's the big, big picture.
Let's turn now to a quick overview of the standard business curriculum.
[MUSIC]
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