This course aims to equip the participants with the economic knowledge and skills essential for business success. By the end of this course, the participants will be able to:

• Explain the core principles and concepts of microeconomics and macroeconomics
• Analyze the behavior and decisions of consumers, producers, and markets
• Evaluate the impact of different market structures, such as perfect competition, monopoly, oligopoly, and monopolistic competition
• Understand the role and functions of money, banking, and monetary policy
• Assess the effects of fiscal policy, trade policy, and exchange rates on the economy and business
• Apply economic reasoning and analysis to various business problems and scenarios

This course is designed for professionals who want to learn or refresh their knowledge of economics and its applications 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.

• Gain a solid foundation and understanding of economics and its relevance to 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 implications for business
• Develop their confidence and competence in applying economic concepts and tools to real-world business situations

Day One:

Introduction to Economics and Microeconomics

• What is economics and why is it important for business?
• The economic problem: scarcity, choice, and opportunity cost
• The production possibilities frontier: efficiency, growth, and trade-offs
• Demand and supply: determinants, equilibrium, and elasticity
• Consumer surplus and producer surplus: measuring welfare and efficiency

Day Two:

Market Structures and Market Failures

• Perfect competition: characteristics, profit maximization, and long-run equilibrium
• Monopoly: sources, pricing strategies, and regulation
• Oligopoly: interdependence, collusion, and game theory
• Monopolistic competition: product differentiation, advertising, and excess capacity
• Market failures: externalities, public goods, asymmetric information, and government intervention

Day Three:

Introduction to Macroeconomics and National Income Accounting

• What is macroeconomics and why is it important for business?
• The circular flow model: the flow of income and expenditure in the economy
• Gross domestic product (GDP): definition, measurement, components, and limitations
• Nominal GDP vs real GDP: inflation, deflation, and price indices
• Economic growth: sources, determinants, benefits, and costs

Day Four:

Money, Banking, and Monetary Policy

• What is money and why is it important for business?
• The functions and characteristics of money
• The money supply: definition, measurement, creation, and control
• The banking system: types of banks, balance sheets, reserves, deposits, loans, and money multiplier
• Monetary policy: objectives, instruments, transmission mechanism, and effectiveness

Day Five:

Fiscal Policy, Trade Policy, and Exchange Rates

• What is fiscal policy and why is it important for business?
• The government budget: revenues, expenditures, deficits, surpluses, and debt
• Fiscal policy: expansionary vs contractionary fiscal policy, automatic stabilizers vs discretionary fiscal policy, fiscal multiplier effect, crowding out effect, and fiscal sustainability
• Trade policy: free trade vs protectionism, tariffs vs quotas, trade agreements, and trade balance
• Exchange rates: definition, determination, appreciation vs depreciation, fixed vs flexible exchange rate systems, and exchange rate regimes

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.