//The Value of Economics: How (and How Well) Do Markets Work

The Value of Economics: How (and How Well) Do Markets Work

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In this class, you will tackle some big questions: What is value? What is the role of markets in creating value? How do prices guide the behavior of companies and individuals? The answers will give you insights into the role of business in a free enterprise economy and the conditions under which markets serve people’s interests. Along the way, we’ll be pulling out important insights for managerial practice, and we’ll liven things up with examples from Professor Schaefer’s Roadside MBA Project.


  • Willingness to Pay
  • Value, Customer Surplus, and Producer Surplus
  • Competitive Markets
  • Monopoly and Monopsony Markets
  • Oligopoly and Oligopsony Markets
  • Heterogeneous Preferences and Demand Curves
  • Diseconomies of Scale and Supply
  • Scarcity: When the Supply Curve Shifts
  • Excess Demand to New Equilibrium


This class is designed for anyone who wants to understand different types of markets and how to appropriately price products in those markets. It will especially benefit leaders who need to develop their knowledge of economics to better lead in their organization or team.

Personal Impact

  • Recognize and create value

  • Identify market structures

  • Understand how prices guide decisions

Organizational Impact

  • Empower leaders to grow within teams

  • Recognize and react to market changes

  • Set prices based on supply and demand


100% online

12 weeks

5-6 hours


Available On-Demand

Available On-Demand

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Get a Certificate

MBA Foundations Certificate

This course is a part of the MBA Foundations Certificate. Participants who complete the certificate will receive a $1,500 scholarship applicable towards the tuition of any of the four MBA programs at the University of Utah.* Additionally, participants will have the opportunity to meet with one of our directors to discuss career goals.

*To qualify for the scholarship, participants must apply for the MBA program and be admitted. The scholarship is eligible for up to 18 months after completing the MBA Foundations certificate.

Proof of accomplishment

SHRM Recertification Provider 2020

In addition to developing knowledge and skills, you will receive SHRM credits as proof of your accomplishment.

Eccles Executive Education is recognized by SHRM to offer SHRM-CP or SHRMSCP professional development credits (PDCs). This program is valid for 5.5 PDCs. For more information about certification or recertification, please visit SHRMCertification.org.


Scott Schaefer

Scott Schaffer, Ph.D.

Scott Schaefer is Kendall D. Garff Chair in Business Administration and Professor of Finance at the University of Utah’s David Eccles School of Business. He is also Visiting Professor of Management and Strategy at the Kellogg School of Management at Northwestern University.

Professor Schaefer is co-author of Roadside MBA: Backroad Lessons for Executives, Entrepreneurs, and Small Business Owners, and co-author of the leading textbook Economics of Strategy. He joined the Utah faculty in 2005, and served as Associate Dean at the School of Business from 2009 to 2012. From 1995 to 2005 he was a faculty member at Kellogg, where he held the Richard M. Paget Chair in Management Policy. He was the Jon M. Huntsman Presidential Visiting Professor of Economics and Finance at Utah State University during Fall 2012.

Scott Schaefer earned a PhD in Economic Analysis and Policy from the Stanford Graduate School of Business in 1995. He holds a bachelors degree from Stanford University, with a double-major in Economics and Mathematical and Computational Sciences.

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