Business Economics and Law
The major in Business Economics and Law is unique to the Alberta School of Business. It builds on the Department’s history of research and teaching excellence in the business aspects of these fields. The major examines the economic and legal aspects of business and how they combine to create the environment in which firms operate. Students in the major can take a broad approach or can concentrate on the firm itself or on the environment of the firm.
Business economics courses examine how firms decide which goods to produce, how much to produce, and what production methods to use. Majors learn how the components of the economy, international forces and government operate and interact with one another. Majors also learn how changes in policies and external forces impact consumer demand, prices, costs, competition, and financial conditions. This means majors can play a role in business planning and problem solving. It also makes majors shrewd observers of what goes on both inside and outside the firm. Majors also learn to make economic concepts understandable to all by making effective use of visuals (graphs and charts).
Law courses examine the principles underlying statutes and court decisions, and how those principles may apply to current and future problems. The law plays an important part in value creation in business, as business practice and managerial decisions require an understanding of relevant laws. Business abounds in areas of potential dispute, so Business law courses teach majors to resolve disputes and to anticipate ways to avert legal problems. Students learn to think critically, to analyze written materials with care, and to communicate effectively in both verbal and written form.
This major develops graduates who understand the economic and legal aspects of business decisions and manager’s responsibilities. They can communicate well how the economic environment and the law affect business practice and institutions. The major prepares graduates for management, planning and policy-making roles in large and small organizations in the private and public sectors. It is also appropriate for students considering pursuing advanced degrees in law, management, and public administration.