Every day globalization makes the world economy an increasingly competitive environment. Thriving firms in today’s markets owe their continued success to their managers’ savvy decision-making, as they attempt to gain and retain a competitive edge over their rivals. Business economics is essential to effective decision-making in this environment, as it provides the necessary tools for managers to thoroughly analyze and predict the dynamics of their product markets. Understanding economics also assists managers in improving the overall efficiency of their firms, through selecting the most cost-efficient production methods or implementing incentive schemes for employees to enhance their motivation and performance. Not surprisingly, 56 percent of firm bankruptcies in Canada in 2010 were attributed to knowledge deficiencies of managers (see this graph for a detailed breakdown of knowledge deficiencies having caused firm bankruptcies).
Everyone with a BCom degree should therefore have a solid knowledge of business economics; it ultimately helps you understand the environment you will be working in, no matter whether you plan on pursuing a career in management consulting, marketing, finance, accounting, or human resources (imagine an accountant who cannot count numbers!). Advanced knowledge of business economics is indispensible for anyone who wishes to succeed in the world of business.
Courses ~ 2013/14 Academic Year
|COMM 307||Canadian Business-Government Relations||Not offered||
|COMM 308||Canadian Business History||Not offered|
|COMM 350||The Future: Forecasting and the Business Environment||Peter Sephton||F|
Please refer to the faculty profiles for individual research interests and publications.