FACC 300 Lecture Notes - Lecture 1: Economic Equilibrium, Production Function, Design Issues
30 Nov 2017
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Document Summary
Application of technology, guided by economic principles, to the design, implementation and operation of systems and processes. Analysis of the economic behavior of individual decision-making units in a free market economy. Issues: supply and demand of goods and services, price and production costs of goods and services, objectives (profit, growth, and survival) and competitiveness of business firm, theory of production. Analysis of aggregate behavior at the national and international levels. Macroeconomics: level of growth of consumption and income, level and trends in prices, wages, and investment, government policies and incentives. Interactions between businesses, government and society, and between business sectors. Study of how businesses raise and spend capital. Issues: sources and costs of funds, capital markets, dividend policies, capital budgeting. Study of how society, i. e. individuals, businesses and government, should allocate scarce resources to the production and distribution of goods and services to the appropriate consumers. Design issues at the development, implementation and operation stages.
