Master Syllabus: MBA 55031

TROYUNIVERSITY
MASTERSYLLABUS
SORRELLCOLLEGE OF BUSINESS

BUS 5503
Fundamentals of Economic Analysis and Business Law

Prerequisites

Admission into the MBA, MSM and MSHRM programs.

Description

A survey of key concepts in economics and business law that provides a foundation for further study in graduate economics and the MBA, MSM and MSHRM curriculums. Students must earn a grade of “B” or better in the course.

Objectives

On completion of the course, the student should be able to:

Economics

  1. Understand and explain scarcity, opportunity cost, and choice, as well as the methodological approach of economics.
  2. Demonstrate the mechanics of price and output determination in a market setting, including the concept of elasticity.
  3. Explain and demonstrate the effects of price ceilings, price floors, and excise taxes on market prices and quantities.
  4. Explain, characterize, and predict firm behavior in each of the four market structures: pure/perfect competition, monopoly, oligopoly, and monopolistic competition.
  5. Explain and use basic concepts of production and cost analysis.
  6. Explain marginal resource productivity and how it relates to the firm's demand for resources.
  7. Distinguish among the sources of market failure in a market economy, and explain the role and limits of government in correcting market failure.

Legal Environment

  1. Apply fundamental concepts of law to business management problems.
  2. Describe the constitutional rights afforded to US citizens, employers, and employees.
  3. Apply concepts of constitutional and contract law to common business operations.
  4. Describe the legal and arbitration processes available to resolve business disputes.
  5. Apply moral and legal concepts to ethical dilemmas and social-responsibility opportunities experienced by contemporary managers.

Purpose

To provide a survey of economics and the legal-environment concepts for the MBA, MSM and MSHRM program. Required for MBA, MSM and MSHRM students who lack a business, accounting, or business-related degree from a school holding specialized accreditation for its business programs.

Approved Texts

All Locations:

Economic Analysis:

McConnell, Brue, and Flynn. Microeconomics, 2010,McGraw-Hill Learning Solutions,ISBN 0077969537(custom print text package includes access cards for Connect homework manager and Microeconomics StudyGuide plus an embedded eBook)

OR

McConnell, Brue, and Flynn. Microeconomics, 2010, McGraw-Hill Learning Solutions, ISBN 978-007-795-3256 (custom print text package includes access card for Connect homework manager and an embedded eBook; no study guide)

Business Law:

Mann, Richard, Roberts, Barry S. (2009 or current). Smith and Roberson’s Business Law (14th ed). Mason, OH: South-Western Cengage Learning. ISBN: 0-324-65552-5.

Supplements

As deemed appropriate.

TroyStateUniversity Faculty Handbook(2001): Section 3.8.2.8 [extract]—22 essential elements of the syllabus (somewhat modified for space):

a.Course title
b.Course number
c.Term
d.Instructor
e.Prerequisites
f.Office hours
g.Class days, times / h.Classroom location
i.Office location
j.Office telephone
k.Course description, objectives
l.Text(s)
m.Other materials / n.Grading methods, criterion weights, make-up policy, mid-term grade reports
o.Procedure, course requirements / p.General supports (computer works, writing center)
q.Daily assignments, holidays, add/drop & open dates, dead day, final exam / r.Additional services (Americans with Disabilities Act, other statements)
s.Absence policy
t.Incomplete-work policy / u.Cheating policy
v.Specialization requirements (certification, licensure, teacher competencies)