ECON 105 - Basic Economics

(BSSD, GEEL, GCP) CE-R

Economics is the study of how individuals and societies use limited resources to achieve their goals. Economics can help students understand human behavior and make better decisions throughout their lives. This course is a one-semester introduction to macroeconomics and microeconomics for non-business and non-economics majors. A broad range of basic economic concepts will be covered. Assessment Level(s): ENGL 101/ENGL 011, MATH 050. Three hours each week.

3 semester hours

May not be taken concurrently with MATH 017 or MATH 020 or MATH 030 or MATH 045 without appropriate Math assessment score.

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

Distinguish between macroeconomics and microeconomics.
Explain the economic way of thinking.
Develop methods of verbal description, tabular presentation, and graphical exposition for economic variables.
Compare and contrast economic systems based upon economic criteria.
Analyze demand, supply, and markets.
Identify and indicate the function(s) of the major economic institutions of the world.
Apply national income accounting concepts.
Develop and analyze a macroeconomic model of the economy.
Determine appropriate fiscal, as well as monetary, policy for the attainment of economic objectives.
Integrate the theories of consumer and producer behavior.
Utilize principles of profit maximization for perfectly competitive as well as imperfectly competitive firms.
Apply the theory of comparative advantage to international trade.
Identify and analyze current economic issues.

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