EC 200 Introduction to Economics

Lecture Hours: 4
Credits: 4

Introduces the economic concepts and analysis in the process of studying important issues in modern society such as: unemployment, inflation, pollution, poverty, income distribution, health care, and development.

Prerequisite: Placement into WR 115 (or higher), or completion of WR 090 (or higher); and completion of MTH 070 (or higher); or consent of instructor. (All prerequisite courses must be completed with a grade of C or better.)
Student Learning Outcomes:

Apply a working knowledge of the vernacular of economics.
Use macroeconomics and microeconomics tools (e.g. graphical analysis, expenditure multiplier, elasticity marginal analysis).
Discuss the basic features of a capitalist economy and explain how these features structure outcomes within society.
Demonstrate the ability to contemplate and analyze social problems from within a model.
Use both macroeconomic and microeconomic models to explain the operation of a capitalist economy, and to develop policy recommendations to solve social problems.
Describe which policy recommendations flow from which models.
Identify the assumptional differences between the models and explain how these assumptional differences lead to different policy recommendations.
Use empirical data to assess the validity of different theories.

Statewide General Education Outcomes:

Apply analytical skills to social phenomena in order to understand human behavior.
Apply knowledge and experience to foster personal growth and better appreciate the diverse social world in which we live.

Content Outline

Basic Features of a Capitalist Economy
- Commodity production
- Competition
- Wage labor
- Control of the government
Macroeconomics
- Simply Keynesian Model (AD = C + I + G + NX)
- Aggregate supply and demand
- Business cycles
- Economic growth
- Fiscal policy
- Money and banking
- Monetary policy
- International trade
- Social problems
  - Unemployment
  - Inflation
  - Poverty
  - Income distribution
  - Development
Microeconomics
- Supply and demand analysis
- Consumer demand
- Supply decisions
- Market structure
  - Perfect competition
  - Oligopoly
  - Monopoly
- Social problems
  - Pollution
  - Poverty
  - Health care
  - Income distribution
  - Development