Jul 05, 2025  
2025-2026 Undergraduate Catalog 
    
  Catalog Home
  Academic Calendar
  General Information
  Admissions
  Financial Aid
  Academic Information
  College Policies & Procedures
  Core Curriculum
  Departments and Programs
  Programs
  Courses
  Academic Resources
  College Home Website
  Contact Information
  Consumer Grievance Policy
  Tuition and Fees
  Education Professional Licensure Disclosures
  Nursing Professional Licensure Disclosures
  Social Work Professional Licensure Disclosures
  My Portfolio
HELP
2025-2026 Undergraduate Catalog
Facebook this Page (opens a new window)
Tweet this Page (opens a new window)
Add to Portfolio (opens a new window)

EC 203 - Economics

Credits: 4

This course is intended to introduce students to the concepts and terminology of economics and demonstrate to students how economic analysis can explain (and contribute to solving) current issues.  We will develop a microeconomic understanding of how markets work to allocate limited resources and will focus on the conditions necessary for an outcome to be efficient (and what it means when those conditions are not met).  We will also develop an understanding of the key concepts of macroeconomics including (but not limited to) GDP, inflation, aggregate supply/demand, and other performance indicators (such as unemployment and inflation).  We will then cover topics that address how policymakers can influence the economy (comparing Classical and Keynesian theories) including discussion of the Federal Reserve (the “Fed”), the national deficit/debt and the impact of globalization on economic markets.

Learning Outcomes
Upon completion of this course, you should be able to do the following:

  • 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.
  • Understand 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.



Facebook this Page (opens a new window)
Tweet this Page (opens a new window)
Add to Portfolio (opens a new window)