ECON 103 - The Evolution of Economic Societies

CE-R

An introduction to economies throughout history. Students will gain insight into the important role economics has played in the past and an understanding of how nations arrived at their current economic systems. Traces the economic organization of culturally diverse societies from prehistoric hunter/gathers up to present day globalization. Teaches basic economic concepts and applies them to these societies. Discusses various economic philosophers and their effect on society in the past and present. Assessment Level(s): ENGL 101 /ENGL 011 , MATH 050 , READ 120 . Three hours each week. Formerly EC 103.

3 semester hours

May not be taken concurrently with MATH 017 or MATH 020 or MATH 045 without appropriate Math assessment score.

Course Outcomes:
Upon completion of this course a student will be able to:

Identify major economic issues with which societies have dealt from the prehistoric to the present, generally the allocation of scarce resources.
Apply basic economic principles, such as the importance of property rights and economies of scale, to past and present economic systems.
Use common economic measures and determine the extent to which they apply to former and present societies, such as GDP and Unemployment.
Analyze the contributions of selected economic philosophers to the science of economics, such as Adam Smith and Karl Marx.
Examine important economic turning points in world history, such as the rise of agriculture and the industrial revolution.
Analyze the transition from non-market societies toward free markets.
Examine the successes of free markets for economic growth, such as England during the Industrial Revolution.
Examine the difficulties free markets face, such as depressions and public goods.
Identify alternatives to free markets and the difficulties they face, such as lack of incentives under communism.

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