TROY UNIVERSITY
MASTER SYLLABUS
SORRELL COLLEGE 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.
2.
3.
4.
5.
6.
7.
Understand and explain scarcity, opportunity cost, and choice, as well as the
methodological approach of economics.
Demonstrate the mechanics of price and output determination in a market setting,
including the concept of elasticity.
Explain and demonstrate the effects of price ceilings, price floors, and excise taxes on
market prices and quantities.
Explain, characterize, and predict firm behavior in each of the four market structures:
pure/perfect competition, monopoly, oligopoly, and monopolistic competition.
Explain and use basic concepts of production and cost analysis.
Explain marginal resource productivity and how it relates to the firm's demand for
resources.
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.
2.
3.
4.
5.
Apply fundamental concepts of law to business management problems.
Describe the constitutional rights afforded to US citizens, employers, and employees.
Apply concepts of constitutional and contract law to common business operations.
Describe the legal and arbitration processes available to resolve business disputes.
Apply moral and legal concepts to ethical dilemmas and social-responsibility
opportunities experienced by contemporary managers.
Master Syllabi are developed by the senior faculty in each business discipline. This Master Syllabus must be used as the basis for developing the
instructor syllabus for this course, which must also comply with the content specifications outlined in the Troy University Faculty Handbook.
The objectives included on this Master Syllabus must be included among the objectives on the instructor’s syllabus, which may expand upon the
same as the instructor sees fit. The statement of purpose seeks to position the course properly within the curriculum and should be consulted by
faculty as a source of advisement guidance. Specific choice of text and other details are further subject to Program Coordinator guidance.
4 November 2009
Master Syllabus: MBA 5503
2
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 Study Guide 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.
Troy State University Faculty Handbook (2001): Section 3.8.2.8 [extract]—22 essential elements of the syllabus (somewhat modified for space):
a.
b.
c.
d.
e.
f.
g.
Course title
Course number
Term
Instructor
Prerequisites
Office hours
Class days, times
h.
i.
j.
k.
Classroom location n. Grading methods,
Office location
criterion weights,
Office telephone
make-up policy,
Course description,
mid-term grade
objectives
reports
l. Text(s)
o. Procedure, course
m. Other materials
requirements
p. General supports
r. Additional services u. Cheating policy
(computer works,
(Americans with
v. Specialization
writing center)
Disabilities Act,
requirements
q. Daily assignments,
other statements)
(certification,
holidays, add/drop s. Absence policy
licensure, teacher
& open dates, dead t. Incomplete-work
competencies)
day, final exam
policy