Introduction to Economics

Introduction to Economics present basic concepts necessary to an informed understanding of the economy. Starting with individual consumer behavior and corporate actions, the course moves on to explain both micro- and macroeconomics and the interplay between these 2 perspectives in terms of output, unemployment, inflation, productivity and growth. The effects at the micro level are different to those at the macro level, but sometimes they can also run in parallel and students will study the different ways in which all aspects of the economy are affected. With no prerequisites to take this class, this extensive Introduction assumes students are new to the study of economics outlining economic theory and moving through analysis of supply and demand, government action, competitive markets and different types of economic markets that present unique challenges.

This course encompasses economic principles (both microeconomic and macroeconomic) and problems. The purpose of the course is for students to develop a logical, conceptual, and analytical understanding of economic principles and to deal with problems associated with the allocation of resources, decisions made by consumers, production by firms, and pricing in various market conditions, government actions in markets, measuring aggregate output, economic growth, employment and unemployment, money and banking, and fiscal and monetary policies intended to achieve economic goals.

Upon completion of this course, the student will be able to:

• Analyze the economic way of thinking
• Explain how free and competitive markets allocate resources efficiently through the interaction of supply and demand
• Evaluate the different effects caused by changes in demand and supply conditions
• Analyze how government actions affect markets
• Evaluate the effects of trade on the economy
• Analyze the effects of externalities
• Analyze a firm’s cost of production
• Analyze firm behavior in perfectly competitive markets
• Differentiate between monopoly, monopolistic competition, and oligopoly
• Measure components of the macroeconomy
• Analyze the factors influencing economic growth
• Contrast fiscal and monetary policy

This class includes the following eText:
Bade and Parkin. (2011). Essential Foundations of Economics; 5/E; ISBN: 9780138008239