Economics Fundamentals for Business Analytics
Master essential economic concepts to enhance business analytics capabilities, from pricing decisions and elasticity to growth drivers and policy impacts.
Master essential economic concepts to enhance business analytics capabilities, from pricing decisions and elasticity to growth drivers and policy impacts.
This introductory course equips students with fundamental economic concepts crucial for effective business analytics. The curriculum covers a comprehensive range of topics including elasticity of demand and supply, pricing and production decisions, marginal analysis, opportunity costs, consumer theory, and profit-maximizing behavior of firms in various market structures. Students learn to identify and analyze production possibility frontiers, market equilibrium processes, and the impacts of price controls and tax policies using supply and demand models. The course also addresses standard business organizational forms, stocks and bonds, and economic profit concepts. Beyond microeconomics, the program explores macroeconomic principles including the conditions necessary for sustained economic growth, the role of government in the economy, aggregate supply and demand models for predicting inflation and GDP changes, money creation processes, and the mechanics of fiscal and monetary policies. By completing this course, students develop analytical frameworks that enable them to evaluate economic conditions and policy effects—essential skills for data-driven business decision-making in any industry.
4.5
(8 ratings)
Instructors:
English
English
Powered by
What you'll learn
Define key economic concepts including scarcity, opportunity cost, elasticity, inflation, unemployment, and GDP Identify production possibility frontiers and use them to demonstrate growth potential and opportunity costs Analyze market equilibrium processes and the impacts of price controls and taxes using supply-demand models Apply marginal analysis to understand consumer theory and profit-maximizing behavior in different market structures Demonstrate graphically the essential features of short-run and long-run production costs for firms Compare competitive and monopolistic markets on efficiency grounds using economic frameworks Use aggregate supply and demand models to predict macroeconomic outcomes like inflation and GDP changes Evaluate how fiscal and monetary policies promote economic growth and stability
Skills you'll gain
This course includes:
PreRecorded video
Graded assessments, exams
Access on Mobile, Tablet, Desktop
Limited Access access
Shareable certificate
Closed caption
Get a Completion Certificate
Share your certificate with prospective employers and your professional network on LinkedIn.
Created by
Provided by
Top companies offer this course to their employees
Top companies provide this course to enhance their employees' skills, ensuring they excel in handling complex projects and drive organizational success.
Module Description
This comprehensive course provides a solid foundation in economic principles essential for business analytics applications. Students learn both microeconomic and macroeconomic concepts necessary for data-driven business decision-making. The curriculum begins with fundamental economic concepts including scarcity, opportunity cost, and production possibility frontiers, demonstrating how these principles illustrate economic growth potential and resource allocation decisions. Students then explore market mechanisms, analyzing how supply and demand forces determine equilibrium prices and quantities, and how market interventions like price controls and taxes affect outcomes. The course examines business organizational structures and profit concepts before delving into production theory, where students learn to analyze short-run and long-run production costs for firms. Consumer behavior and firm decision-making are covered using marginal analysis frameworks across competitive and monopolistic market structures. The latter portion focuses on macroeconomic principles, including aggregate supply and demand models for understanding inflation and GDP fluctuations, economic growth drivers, money creation processes, and the mechanics and effectiveness of fiscal and monetary policies in promoting economic stability.
Fee Structure
Payment options
Financial Aid
Instructor
4 Courses
Marija Baltrusaitiene: Expert in Economics at Lehigh University
Marija Baltrusaitiene is an Adjunct Professor at Lehigh University specializing in Economics. She began her teaching career as an instructor at the University of Iowa in 2011 and joined Lehigh University in 2014 after serving as a lecturer at Saxion University of Applied Sciences in the Netherlands. Her teaching interests encompass introductory economics, business economics, advanced microeconomics, and international trade. Marija holds a Master’s degree in Economics and a Bachelor of Arts in Economics, both from the University of Iowa.
Testimonials
Testimonials and success stories are a testament to the quality of this program and its impact on your career and learning journey. Be the first to help others make an informed decision by sharing your review of the course.
4.5 course rating
8 ratings
Frequently asked questions
Below are some of the most commonly asked questions about this course. We aim to provide clear and concise answers to help you better understand the course content, structure, and any other relevant information. If you have any additional questions or if your question is not listed here, please don't hesitate to reach out to our support team for further assistance.