The objective of this course is to provide the participants with the basic economic knowledge and skills that are useful for business success. By the end of this course, the participants will be able to:

• Identify and explain the key concepts and principles of economics, such as scarcity, opportunity cost, demand, supply, equilibrium, elasticity, etc.
• Apply the economic way of thinking to analyze the behavior and decisions of consumers, producers, and markets
• Understand the different types of market structures, such as perfect competition, monopoly, oligopoly, and monopolistic competition, and their implications for business
• Recognize the role and impact of government policies, such as taxes, subsidies, regulations, trade barriers, etc., on the economy and business
• Evaluate the benefits and costs of international trade and globalization for the economy and business

This course is designed for non-economics professionals who want to learn or refresh their knowledge of economics and its relevance to business. It is suitable for anyone who works in or interacts with the business sector, such as managers, entrepreneurs, consultants, analysts, marketers, accountants, lawyers, etc.

Taking this course will help the participants to:

• Develop a solid foundation and understanding of economics and its importance for business
• Enhance their critical thinking and problem-solving skills
• Improve their decision-making and strategic planning abilities
• Increase their awareness and appreciation of the economic environment and its challenges and opportunities for business
• Develop their confidence and competence in applying economic concepts and principles to real-world business situations

Day One:

The Economic Problem and The Economic Way of Thinking

• What is economics and why is it important for business?
• The economic problem: scarcity, choice, and opportunity cost
• The economic way of thinking: rationality, incentives, marginal analysis, etc.
• The production possibilities frontier: efficiency, growth, and trade-offs
• The economic systems: market economy vs command economy vs mixed economy

Day Two:

Demand and Supply: The Basics of Market Analysis

• What are demand and supply and how do they determine market outcomes?
• The determinants of demand and supply: income, price of related goods, tastes and preferences, etc.
• The law of demand and supply: inverse relationship vs direct relationship
• The market equilibrium: price and quantity
• The concept of elasticity: price elasticity of demand and supply, income elasticity of demand, cross elasticity of demand

Day Three:

Market Structures: How Markets Differ

• What are market structures and how do they affect business behavior and performance?
• The characteristics of different market structures: number of sellers, product differentiation, entry barriers, etc.
• The profit maximization rule: marginal revenue vs marginal cost
• The comparison of different market structures: perfect competition vs monopoly vs oligopoly vs monopolistic competition
• The sources of market power: economies of scale, patents, brand loyalty, etc.

Day Four:

Government Policies: How They Influence Markets

• What are government policies and why do they intervene in markets?
• The types of government policies: taxes vs subsidies vs regulations vs price controls
• The effects of government policies on markets: consumer surplus vs producer surplus vs deadweight loss
• The reasons for government intervention: market failures vs equity vs political objectives
• The evaluation of government policies: efficiency vs equity vs effectiveness

Day Five:

International Trade: How It Affects Business

• What is international trade and why is it important for business?
• The benefits of international trade: comparative advantage vs absolute advantage
• The costs of international trade: winners vs losers
• The determinants of international trade: exchange rates vs trade barriers
• The issues in international trade: free trade vs protectionism vs fair trade

To enhance learning and practical application of concepts, the training course will use a combination of interactive lectures, case studies, group discussions, practical exercises, and real-world examples. Participants will also get the chance to collaborate on group projects and create action plans adapted to the needs of their respective organizations.