Upon successful completion of this course, participants will be able to: Identify the core principles of effective decision-making. Specify how marginal analysis is used. Identify how demand at various price points can be shifted. Specify how price ceilings and floors impact consumers. Identify when elastic and inelastic demand exists. Recall the nature of consumer equilibrium. Specify the factors that influence the quantity of goods that can be produced. Specify what measure is used as a feedback loop for short-term production decisions. Specify the nature of economies of scale and scope. Identify the circumstances under which it makes the most sense to acquire inputs under the terms of a contract. Recall the measurements used to determine the level of industry concentration. Recall the characteristics, advantages, and disadvantages of the different pricing strategies. Specify the circumstances under which price leadership is a valid option. Identify the circumstances under which the various pricing tactics can be used.

The Essential Elements of Effective Decision-Making Opportunity Costs Implicit Costs Five Forces Framework The Supply and Demand Concept Elasticity of Demand The Nature of a Consumer Constraints on Consumer Behavior Consumer Equilibrium Short-Term and Long-Term Decisions Fixed Cost Effects Minimizing Input Costs Maximizing Labor Productivity Market Structure Behavior Within Industries The Economics of Perfect Competition The Economics of a Monopoly The Economics of Monopolistic Competition The Economics of an Oligopoly Pricing Strategy The Basic Pricing Rule Pricing Tactics