How the hypothesis of diminishing marginal utility is used to explain both the demand curve's negative slope and consumer surplus - a central concept in benefit-cost analysis;
How small user charges can generate both large resource savings and small reductions in household utility; and
How supply and demand analysis is used to determine the extent to which taxes can be passed on to others.
Business ethics and social responsibility, global business, strategies, trade, WTO
Discuss the basic forms of conducting international business (export/import, licensing/franchising, contract manufacturing/outsourcing, joint ventures/alliances, and direct investment), and basic international business strategies (multinternational vs global)
Discuss the trade (economic reason why trade occurs,) the role of the World Trade Organization, regional trade agreements, and the barriers to international trade
Discuss the business ethics (concept, common issues, ethical decision factors), actions to promote ethical behavior, social responsibility (concept/dimensions, consumerism), and the business legal environment (source of law, resolution of disputes)
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