Overview

 Develops the fundamental tools of microeconomics and macroeconomics, and applies them to defense management and resource allocation. Course centers on defense applications of economic theory. Topics covered include: defense and the macro economy; markets and their interactions with defense acquisition and contracting; national security implications of globalization; and efficiency in defense decision making. 

Included in Degrees & Certificates

• 192
• 857

Prerequisites

• MA2XXX
• College algebra

Learning Outcomes

After completing the course, you will be able to:

Basic economic concepts:

• Recognize the key economic concepts used in CBA (cost-benefit analysis).
• Articulate how people and countries benefit from specialization and trade.

Microeconomics:

• Apply the supply-demand model to analyze how markets allocate resources using prices.
• Explain how elasticity affects revenues and policy debates.
• Analyze market efficiency and market outcomes under different government policies.
• Evaluate when and how governments can negatively or positively affect markets.
• Analyze how competition influences production and pricing decisions of firms.

Macroeconomics:

• Explain the meaning and interpretation of key macro-economic measures such as GDP, inflation, and unemployment.

Cost-benefit analysis:

• Explain the basic steps of CBA.