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.
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Course Outline
Course Description
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.
Credit Hours
3Course 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
Topic Outline
The following represents the minimum topics to be covered in the course:
- The Nature and Method of Economics
- Economic systems such as Market Capitalism, Socialism and others
- How and why countries specialize and trade using the production possibility curve and the Law of Comparative Advantage Analysis
- The Functioning of Markets and how the Prices and sales are determined in the supply and demand framework
- Concept of Price Elasticity of Demand and Price Elasticity of Supply
- Production costs, both total costs and cost / unit costs in the short run and long run perspectives
- Price, output and profit determination in the various market structures/industries
- Economic Indicators such as the Gross Domestic Product, Unemployment Rate, and inflation
- The Business Cycle and how the economic indicators affect each other
- Fiscal Policy goals, operations, and possible problems
- The role of Federal Reserve in money and in the banking system