Macroeconomics explores the nature of exchange relationships among people, the nature of resource importance and allocation, and the manner by which the human community may improve the quality of life it enjoys. We will explore, in particular, the manner in which man uses his environment - the choices we make - and how these behaviors impact the quality of our lives and those of future generations. We will familiarize ourselves with some of the tools we can use to estimate our well-being and plan our future choices. We will also begin to understand why other people’s goals are legitimate even when they conflict with our own.
Microeconomics examines subsytems of the economy, such as the economics of individual, the firm and the industry. It also analyzes the pricing mechanism of the economy and the theories of income distribution.
This course looks at using economic tools to manage a business. The course covers basic pricing policies and strategies, cost minimization strategies using the tools of operations research, and engaging in strategic behavior through the lens of game theory and an understanding of how the external environment impacts a firm.
The goal of the course is for students to be able to demonstrate how economic theory applies to the sports industry. The course will cover issues involved in the industrial organization of sports, labor economics, and public finance of sports. Students will learn how to apply basic economic concepts to real world situations. Students should also be able to use the tools of economics in making decisions.