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Economics, Introduction to

Economics, Introduction to

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Course Description

This course encompasses economic principles (both microeconomic and macroeconomic) and problems. The purpose of the course is for students to develop a logical, conceptual, and analytical understanding of economic principles and to deal with problems associated with the allocation of resources, decisions made by consumers, production by firms, and pricing in various market conditions, government actions in markets, measuring aggregate output, economic growth, employment and unemployment, money and banking, and fiscal and monetary policies intended to achieve economic goals.

Course Outcomes

At the end of this course, students will be able to:

  • Analyze the economic way of thinking
  • Explain how free and competitive markets allocate resources efficiently through the interaction of supply and demand
  • Evaluate the different effects caused by changes in supply and demand conditions
  • Analyze how government actions affect markets
  • Evaluate the effects of trade on the economy
  • Analyze the effects of externalities
  • Analyze a firm's cost of production
  • Analyze firm behavior in perfectly competitive markets
  • Differentiate between monopoly, monopolistic competition and oligopoly
  • Measure components of the macroeconomy
  • Analyze the factors influencing economic growth
  • Contrast fiscal and monetary policy

Course Materials

Essential Foundations of Economics Book Cover
Title: Essential Foundations of Economics
Edition: 8
Author: Bade and Parkin
ISBN: 9780134491974