GE3070 Economics for Defense Managers

 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. 

Prerequisite

MA2XXX, College algebra.

Lecture Hours

3

Lab Hours

0

Course 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