Provides an overview of micro- and macroeconomics. The U.S. and global economic systems are discussed from international, national and individual perspectives. Discusses topics such as supply and demand, scarcity, opportunity cost, monetary policy, fiscal policy, productivity, market models, income, wealth and taxation. The goal of the course is to provide a broad overview of economics for intentional non-majors.
Course Outcomes
- Define standard terms used by economists including: microeconomics, scarcity, macroeconomics, inflation, (inter) national accounting, balance of payments, and trade deficits.
- Use the supply and demand model to predict how price and quantity changes with variations in consumer wants and producers output.
- Show how the four market models of perfect competition, monopolistic competition, oligopoly, and monopoly influence prices and quantities of goods produced.
- Identify basic economic concepts such as scarcity and choice, opportunity cost, supply and demand, and the basic economic problems that impact human behavior.
- Analyze what it means to think economically” and how that results in divergent and sometimes contradictory policy dependent upon the social context and parameters within which issues arise.
Prerequisite Courses