Description

This course provides a broad range of modern economic theories, concepts, and analytic techniques. It focuses on the basic analytical framework used by modern economists, and how resources are allocated in different kinds of economies. It is a study of the principles of exchange and production, contrasting microeconomics and macroeconomics, demand and supply, gross domestic product (GDP), income distribution, money and banking, the role of government policy, market efficiency and competition, trade policy, national income analysis, measures of central tendency, taxation, trade, etc. The economics course is required of all students planning public, legal, and business service careers.
Upon successful course completion, students should be able to, among many others:
• Apply the concepts of choice, scarcity, and opportunity cost to make smart choices
• Explain the relationship between demand, supply, and prices in an economy
• Use and interpret economic diagrams, models, and tables, and use them to analyze economic situations.
• Describe and explain how government policy influences macroeconomics and microeconomic outcomes.
• Apply basic concepts of externalities to real-life economic situations
Prerequisites: None