Introduction to Economics
ECON 224 will introduce you to both major topics of economics, microeconomics and macroeconomics.
The first part of the course will focus on the ideas of microeconomics, looking at the decision making process of households and firms. Discussion of market structures and types of goods will also be analyzed. The second half of the course will focus on macroeconomics, examining the economy as a whole. Defining and calculating economic indicators is only one piece of the course, application to current events discussed in the media is another.
The overall goal of this course is to provide insight into analyzing the condition of the economy, economic policies, and the role of government in the economy.
- Demonstrate an understanding of the methods and principles of microeconomic theory, including the role of economists, opportunity costs, and different economic systems.
- Explain how markets work and how market prices are determined using demand and supply. Evaluate the impact of an event on the equilibrium.
- Assess the impact of market failure (externalities and public goods). Consider possible government interventions to improve the market outcome.
- Evaluate basic economic indicators and their use in evaluating macroeconomic conditions.
- Describe production and consumption bundles of an economy under conditions of self-reliance and international trade.
- Explain fiscal and monetary policy tools and their use in smoothing out variability in the economy.