Economics for Entrepreneurs

This course introduces some of the concepts in economics that can provide invaluable insights for sellers of products and services. Economics is often dismissed as being an academic or overly theoretical discipline far removed from the realities of this world but in reality we are all affected by market forces that shape up the business climate as well as the economies in which we operate. So without going in to too much technical detail, I go over some concepts and talk about how they can provide us with rich insights and analytical tools to improve our business strategy. Having studied economics as a postgraduate and then venturing out in the world of business, I feel having knowledge of these concepts proved very useful for me over the years. In this course I will talk about the concept of opportunity cost, goals of the firm, the idea of marginal decision making, the practice of price discrimination, how markets are organized / structured, responsiveness of quantity demanded to changes in price and other variables, cost structures of different types of business and what these mean for you, the market forces of supply and demand, the law of diminishing returns and the effect of the economy as a whole on your business.