If you want to go into the financial, marketing, accounting business world, then next year you should take this class on business economics which will be taught by William Reiter who is also a world geography and world history teacher.
What is the main goal of this course: to focus on microeconomic firm behavior (pricing, costs, production) or macro-level business trends
“The Business Economics class will be a mixture of micro and macroeconomics. Business Economics is really a way to have an overall view of how a free market capitalist system works”, Reiter said.
What practical, real-world tools will I learn to make better business decisions
“It is so important for everyone to be educated about money management and best business practices and consumer rights. The real world tools would include things like how supply and demand can be used to get a price of a product. Also, there is a cost-benefit analysis that economists use as a decision making tool that we will use in class,” Reiter said.
How will we incorporate topics like market structure (monopoly, perfect competition) into practical business strategies
“The Business Economics class will study how monopolies takeaway competition and cause inflation which causes prices to go up. Perfect competition would allow for businesses to compete against each other based upon the best product at the best price that will benefit consumers and the overall economy,” Reiter said.
What inspired you to teach this new course on business economics
“I wanted to teach an elective that I had a big interest in and also would help students in their overall understanding of how the economy works. This class will help students get a taste of what can be a tough class to take in college for the first time. It is so amazing how the economy works with individual freedom of buyers and sellers,” Reiter said.
How do you plan to make complex economic concepts easy to understand
“The real fun part about economics is that there are many fun activities that we will do! There are many concepts, some graphs, and a little bit of math, but we also get to play with money and the stock market,” Reiter said.
What do you think is the most challenging or interesting part of this subject for students
“The most challenging part about economics is probably understanding the many concepts. I will have real world examples and activities to help with understanding them and it will be fun. The interesting part about economics, again, is the miracle of what Adam Smith called in his book as the “invisible hand” guiding individuals running businesses and consumers buying products who agree to terms every day,” Reiter said.
