Course Description
This is a survey course covering select topics in microeconomics and macroeconomics. It is a study of product and resource markets, market structures, interactions between government and firms, the determinants of economic activity, money and banking, monetary and fiscal policy implications, international trade, and international finance. Students cannot receive credit for this course if ECON 1553 or ECON 1563 has been completed.
Prerequisite(s) or Corequisite(s)
Appropriate assessment score or completion/concurrent enrollment in ENGL 1422 with a grade of C or better
IAI Number
S3-900
IAI Title
Principles of Economics
At the end of this course, students will be able to:
- Explain the effect scarcity has on a society
- Describe the components and dynamics of markets and analyze how changes in markets affect equilibrium
- Analyze demand and supply in the context of price elasticity
- Analyze the four market structures and their implications for pricing, economic performance, and possible government action
- Describe the causes and effects of business cycles, inflation, and unemployment
- Explain the uses of monetary and fiscal policy to stabilize the economy
- Analyze the effects of international trade on output, consumption, and welfare
- Explain the factors that determine exchange rates