Mar 30, 2023
ECON 201 - Principles of Economics I
Covers macroeconomics - the study of the economy as a whole. Macroeconomics can help students make personal and business decisions and assess public policy issues throughout their lives. Topics include: supply and demand, national income and product, unemployment, inflation, aggregate supply and demand, economic growth and development, money and banking, monetary and fiscal policy, international trade, and economic systems. PREREQUISITE(S): High school algebra or its equivalent or consent of department. Assessment Level(s): ENGL 101 /ENGL 101A , MATH 093 /MATH 096 , READ 120 . Three hours each week. Formerly EC 201.
3 semester hours
Upon completion of this course a student will be able to:
- Apply basic economic concepts such as scarcity, opportunity cost, and comparative advantage to everyday life situations.
- Use the market model to explain how prices are set, quantities are bought and sold and how resources are allocated.
- Analyze the basic structure of capitalism and contrast with alternative economic systems.
- Measure unemployment and inflation.
- Analyze functions of money and the U.S. banking system.
- Use the model of aggregate supply and demand to examine unemployment and inflation and how these can be affected by government policy.
- Identify the primary purposes, limitations, and controversies regarding the use of fiscal and monetary policies. Use the model of aggregate supply and demand to examine unemployment and inflation and how these can be affected by government policy.
- Identify the factors of economic growth for both developed and less developed countries.
- Examine globalization and its impact on the economy.
- Measure gross domestic product (GDP) and analyze its shortcomings.
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