MN3001 Economics for Acquisition Managers

Develops the fundamental tools of microeconomics and macroeconomics and applies them to topics in the management and allocation of resources in defense acquisition management with particular emphasis on the applications of economic theory to defense decision making. Topics covered include defense and the macro economy; markets and their effects on defense acquisition and contracting practices; the economics of corporate strategy; and efficiency in defense decision making. Prerequisite: None.

Lecture Hours

3

Lab Hours

0

Course Learning Outcomes

After completing this course, you will be able to:

• Articulate how people and countries benefit from specialization and trade.
• Apply the supply-demand model to analyze the impact of price controls, taxes, and subsidies on market outcomes.
• Explain how elasticity affects revenues and policy debates.
• Examine market efficiency and describe when and how governments can improve market efficiency.
• Examine how competition influences firm behavior.
• Explain the meaning of the primary measures of the macro-economy (GDP, inflation, and unemployment) and how they are interpreted.
• Given a cost-benefit analysis of a public policy, evaluate the analysis in terms of its components, soundness, and limitations.