Applied Economics 7.5 credits

The purpose of economics is to understand how individuals and firms make choices and how those decisions shape our economy and our society. Real world applications and data rarely meet all the rarified assumptions present in economic models of competitive markets encountered in textbooks, however the application of the concepts and tools from economics to real world decision making are key to improving decision making and policy outcomes. This course introduces students to the application of economic concepts and tools to reveal how markets work, inform individuals and firms on decision making, and measure the impact of decisions on public economic welfare. **Connection to Research and Practice** An important goal of this course is to bridge economic theory and its application to real world phenomena. This course will incorporate JIBS research and connect this with external researchers’ and business professionals’ research and experience using economic models and analysis to address socio-economic problems, questions, and policies. The course also seeks to foster partnerships with faculty, external researchers, firms, and business professionals to promote real world engagement on economic problems and analysis. Through the course work students strengthen their practical skills to use economics as a tool to analyze a broad range of issues relevant for societal development.