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To run a business successfully, managers and leaders must assimilate and understand the characteristics of their market, as well as their economic environment. With "Business Economics and Business Analysis", the student will acquire a solid understanding of the markets and the macroeconomic environment with real world examples. She will be able to recognize the economic factors of the company and the country that affect business decisions. Consequently, she will be able to apply an analytical framework using statistical tools and implement economic theory and data in the analysis of the business environment and trends to make effective business decisions.
FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR. All goods and services may be in short supply at some point. That scarcity implies that society must develop some allocation mechanism: rules that establish who gets X and who gets Y. Over recorded history, these allocation rules were generally based on commands: the king or the emperor would decide. Today, most countries have resorted to market-based allocation systems. In markets, prices act as rationing devices, encouraging or discouraging production and encouraging or discouraging consumption in order to achieve an equilibrium allocation of resources. We will create demand curves to capture consumer behavior and supply curves to capture producer behavior. The resulting equilibrium price
FIRM-LEVEL ECONOMICS: MARKETS AND ALLOCATIONS. In this class, we will emanate equilibrium results in a variety of market structures. We will address the equilibrium under a market structure called "Perfect Competition", a reference construction. Economists have tools to measure the efficiency of market outcomes. We will then discuss the polar extreme of a competitive market: a monopoly market. We will establish the monopoly equilibrium price and the properties of quantity and efficiency. Much of the economic activity takes place in markets with only a handful of very large producers. Understanding equilibrium in these oligopoly markets requires more careful attention to strategic interdependence.
ECONOMY AT THE COUNTRY LEVEL: MACROECONOMIC VARIABLES AND MARKETS. This third course of our specialized program "Business Economics and Business Analysis", deals with the macroeconomic variables that alter the personal, professional and public activities of individuals and lays the foundations for the analysis of the mechanisms that drive macroeconomic variables. It begins by showing the key macroeconomic variables and explaining how they are defined and measured so that students can interpret macroeconomic data politely. It goes on to present a perspective to separate various parts of the economy driven by different processes and to combine those components and develop a much more elaborate view of the whole. In particular, it applies this approach to the analysis of the relationship between the trade deficit and the budget deficit and private savings, offering insights into some key determinants of the balance of payments. The third and fourth modules focus on analyzes of foreign currency and money markets to provide fundamental models of interest rate and exchange rate determination.
ECONOMY AT THE COUNTRY LEVEL: POLICIES, INSTITUTIONS AND MACROECONOMIC PERFORMANCE. In this mooc we will review the macroeconomic performance in the short and long term based on the institutional and political environment of the economy. The first module develops a model of short-run macroeconomics when the price level has its own momentum and prices are not very responsive to the forces of supply and demand. The model allows us to analyze how the GDP, the interest rate and the short-term exchange rate are determined and how they respond to macroeconomic crises and policies. The second module begins the long-run equilibrium analysis by exploring the foreign exchange market. It then connects the long-term outcome with expectations about future exchange rate trends in each case, which are a key driver of the short-term spot rate. The methodology developed for this purpose can also be applied to expectations regarding other macroeconomic variables. Finally, the long-term currency model is used to derive a number of important lessons for long-term trends in currency values and the competitiveness of producers in various countries. The third module examines the long-run drivers of aggregate output and the short- to long-run adjustment mechanisms.
EXPLORING AND PRODUCING DATA FOR BUSINESS DECISION MAKING. This course provides an analytical framework for your students to be able to assess key business problems with a well-crafted framework and will equip you with tools to effectively manage uncertainties that constantly touch business processes. Specifically, we will introduce statistics and how to summarize data and learn concepts of frequency, normal distribution, statistical studies, sampling, and confidence intervals. While you will be introduced to some of the science of what is taught, the focus will be on the application of the methodologies. All this will be possible through the use of Excel and data sets from various disciplines, allowing you to see the use of statistics in very diverse environments. The course will focus not only on explaining these concepts, but also on understanding what the results that are collected mean.
INFERENTIAL AND PREDICTIVE STATISTICS FOR COMPANIES.
CAPSTONE BUSINESS ECONOMICS AND BUSINESS ANALYSIS (FINAL PROJECT). In our final project, students will analyze in detail a real business situation in which the global economic context of a company will be reviewed. The final project will consist of a business plan that applies statistical tools and economic theory to create an in-depth analysis of the microeconomic and macroeconomic environment in which the focal company operates.
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ABOUT THE SPECIALIZED PROGRAM “BUSINESS ECONOMICS AND BUSINESS ANALYSIS” OF THE UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN: This study consists of 7 courses that complement each other to form this Specialized Program, of great value for professionals who wish to have a global vision on economics and finance focused on making strategic decisions for the benefit of the company. It is recommended to take the Specialized Program with all its courses, to achieve complete training on the subject and a better added value as a professional. Of course, after finishing all the courses, the student will also obtain another recognition that will be the Specialized Program, that is, the complete study will grant the student, in this case 8 individual certifications (7 certifications of the courses plus the certification of the Program Specialized). Consult with the Coursera platform in case of future modifications in its conditions of service.
ABOUT THE SPECIALIZED PROGRAM “BUSINESS ECONOMICS AND BUSINESS ANALYSIS” OF THE UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN: This study consists of 7 courses that complement each other to form this Specialized Program, of great value for professionals who wish to have a global vision on economics and finance focused on making strategic decisions for the benefit of the company. It is recommended to take the Specialized Program with all its courses, to achieve complete training on the subject and a better added value as a professional. Of course, after finishing all the courses, the student will also obtain another recognition that will be the Specialized Program, that is, the complete study will grant the student, in this case 8 individual certifications (7 certifications of the courses plus the certification of the Program Specialized). Consult with the Coursera platform in case of future modifications in its conditions of service.
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