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Technology and Its Effect on Business and World Economies

Course Description

This course analyzes the economic effects of technological advances, incentives, and innovation. Economics confronts these questions by looking at how individuals and firms allocate their limited resources. The instructor will provide students with an introduction to the concepts of global economics, including the following areas: supply and demand; rational individual and business decisions: types of firms and incentives for them to innovate: intellectual property rights; the role of government in research and development funding and police: and other technological trends and policies and their effects on economies.

You will explore questions such as: What will be the likely path a company will take in technology innovation and advancement? How will innovation change a person’s life? An industry? The world? What will be the societal effects of continuous advances in innovation, inventions, and globalization? How do technological changes affect economic growth and development? How do economic factors and development affect technology? Will advancing technology make society as a whole more wealthy? More powerful? What government policies might make sense as technology continues to advance? Group discussions will supplement theoretical material.

You will engage with the instructor and one another in problem-solving and project work. Individually or as part of a team, you will choose a topic to analyze in further detail and present as a final project.

Throughout this course, you will learn:
• Key concepts in economic reasoning and how to apply them in analyzing innovation using both micro-and macroeconomics.
• Basic terminology about innovation, five stages of innovation, who the players are, what the products or outputs are, and what activities the players take to achieve these outputs at each stage.
• How firms operating in competitive and imperfectly competitive environments make production quantity and pricing decisions to maximize profits, and how to use this market structure information to inform firm-level decision making on innovation.
• Various types of intellectual property rights, their intended incentives to promote innovation, and various national innovation systems.
• Measures of innovation and productivity and the effects of innovation on economic growth.

Prerequisites

The course does not require any prior training in economics, but does require basic training in mathematics, particularly in understanding and applying graphs.

Sections

One Section Available to Choose From:

Online sections of Pre-College courses are offered in one of the following modalities: Asynchronous, Mostly asynchronous, or Blended. Please review full information regarding the experience here.


Dates: July 11, 2022 - July 22, 2022
Duration: 2 Weeks
Meeting Times: M-F 3:30P-6:20P
Status: Course Full; Waitlist Closed
Format: On-Campus
Instructor(s): Natalie Webb
Course Number: 10180