Nov 21, 2024  
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2024-2025 Online Catalog
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EC 203 - Economics

This course is designed to give the student an understanding of how a country allocates resources and produces, distributes and consumes its goods and services. Topics include aggregate supply and demand, aggregate income, employment, inflation, determinants of consumption and investments, the role of money and the Federal Reserve, and monetary and fiscal policies. This course also examines the market structures of pure competition, monopolistic competition, oligopoly, and monopoly; analysis of the role of labor and unions, public goods and the public sector; discussion of the problems of foreign aid, poverty, pollution, and tax reform.

Prerequisites & Notes
None.  

Assignment Overview
  • Assignments:  Varied Throughout the Term
  • Interactivity:  Discussion Boards
  • Final Assessment:  Final Project

 

Course Learning Objectives
Upon completion of this course, the student will:

  • Use the basic terminology of economics, including a brief definition of micro- and macroeconomics.
  • Apply the concepts of scarcity and opportunity cost in discussing consumer and firm   decision-making.
  • Identify market equilibrium, and the impact on consumer and firm welfare.
  • Identify changes in supply and demand, and their impact on market equilibrium.
  • Discuss demand and supply elasticities, and their impact on consumer, producer and government choices.
  • Describe how different market structures affect market equilibrium and welfare outcomes.
  • Identify the causes of inflation and recession (and how policies may be used to respond to these circumstances), and how these impact the price level and/or output and employment. 
  • Explain the origins of money and the role of the banking system in the economy. 
  • Identify and explain the basic causes of economic expansion and recession. 
  • Describe and discuss advantages and disadvantages of different economic systems in the world today, including how economic history may impact current decisions.


Credits: 3


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