THE VALUE OF ECONOMICS: HOW (AND HOW WELL) DO MARKETS WORK
ONLINE
THE VALUE OF ECONOMICS: HOW (AND HOW WELL) DO MARKETS WORK In this class, you will tackle some big questions: What is value? What is the role of markets in creating value? How do prices guide the behavior of companies and individuals? The answers will give you insights into the role of business in a free enterprise economy and the conditions under which markets serve people’s interests. Along the way, we’ll be pulling out important insights for managerial practice, and we’ll liven things up with examples from Professor Schaefer’s Roadside MBA Project. Topics Covered
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Value Consumer and Producer Surplus
Competitive Markets Demand, Supply, and Equilibrium
Certificate Program This course is a part of the MBA Foundations: Your Access to Business Foundations certificate. Participants who complete the MBA Foundations certificate will receive a $1,500 scholarship applicable towards the tuition of any of the four MBA programs at the University of Utah.* Additionally, you will have the opportunity to meet one-on-one with one of our directors to discuss your career goals. *To qualify for the scholarship, participants must apply for the MBA program and be admitted. The scholarship is eligible for up to 18 months after completing the MBA Foundations certificate.
I Need This Program Because: •
I want to understand what value is and how trade creates value
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I want to learn how different market structures work and how they affect how much value is created
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I need to learn how prices guide people and companies to make value-maximizing choices in competitive markets
My Organization Needs This Program Because: •
We want our leaders to better communicate market-based changes in their company to their teams
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We need our leaders to better price their products based on supply and demand
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We want to empower our leaders to grow within the company
Who Needs This Class • • •
Anyone who wants to understand different types of markets Anyone who wants to understand how to appropriately price products Leaders who need to develop their knowledge of economics to better lead in their organization or team
Modules What is Value • •
Willingness to Pay Value, Customer Surplus, and Producer Surplus
Value and Market Structure • • •
Competitive Markets Monopoly and Monopsony Markets Oligopoly and Oligopsony Markets
100% online, led by instructor
Competitive Markets: Demand, Supply, and Equilibrium • •
Heterogeneous Preferences & Demand Curves Diseconomies of Scale and Supply
Competitive markets: how prices guide behavior • •
Scarcity: When the Supply Curve Shifts Excess Demand to New Equilibrium
On-demand access, 12 weeks to complete
5-6 hr. of lecture, readings, and self-reflection
Presenting Faculty | Scott Schaffer, Ph.D. Scott Schaefer is the John W. McIntyre Family Endowed Chair for Free Market Economics and Professor of Finance at the University of Utah’s David Eccles School of Business. Professor Schaefer is co-author of Roadside MBA: Backroad Lessons for Executives, Entrepreneurs, and Small Business Owners and co-author of the leading textbook Economics of Strategy. He joined the Utah faculty in 2005 and served as Associate Dean at the School of Business from 2009 to 2012.
THE ECCLES DIFFERENCE The David Eccles School of Business enrolls about 6,000 students in its eight undergraduate majors, four MBAs, seven other specialized graduate programs, one Ph.D. program, and executive education curricula. It is also home to seven institutes and centers that support an ecosystem of entrepreneurship, technology, and innovation, including the Lassonde Entrepreneur Institute, Ken C. Gardner Policy Institute, Sorenson Impact Center, and more. Our faculty members boast impressive professional and educational backgrounds and hold Ph.D.s from esteemed universities including the University of Pennsylvania’s Wharton School, Northwestern University’s Kellogg School, Harvard Business School, Stanford Graduate School of Business, and University of California at Berkeley’s Haas School.
TAKE THE NEXT STEP Telephone: (801) 587-7273 Email: ExecEd@Utah.edu Website: ExecEd.Utah.Edu Registration: Eccles.Secure.Force.com/ExecEdApplication 1731 E Campus Center Drive Robert H. and Katharine B. Garff Building, GARFF 4340 Salt Lake City, Utah 84112
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