Economics for Defense Managers

Course #GE3070

Est.imated Completion Time: 3 months

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.

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