ECO-100 Survey of Economics
This is an introductory course dealing with the principles of economics and how they are applied to consumer choices, business decisions, and within the domestic economy. Students will examine the role of public/private sectors, markets, market structures, economic indicators, and fiscal and monetary policies as they relate to the U.S. economy.
Course Learning Outcomes
- Interpret Supply and Demand graphing; determine equilibrium price and quantity sold
- Illustrate what is Monetary Policy, how it impacts the economy, and describe the role of the Federal Reserve in making policy
- Identify what are economic resources, illustrate the production possibilities curves and calculate opportunity cost
- Describe the role of markets and government and compare and contrast the benefits and problems of markets and governments
- Identify and apply the concept of price elasticity of demand and price elasticity of supply
- Examine the nature of individual businesses production costs in the short run and the long run
- Identify and evaluate the role of marginal analysis on how it affects business costs, the revenues, and how consumers make decisions based on the marginal analysis
- Describe the strengths and weaknesses of a market capitalist system
- Identify the ideas behind the business cycle and describe how the national income accounts indicators (Gross Domestic Product, the unemployment rate and inflation rate) impact it
- Recognize and illustrate the role of Fiscal Policy and how it applies to issues dealing with tax policies, spending, budget deficits, and debt