I. BASIC COURSE INFORMATION
- Course Title:
- Course Number:
- Course Name:
- Credit Hours:
- Semesters Offered:
COM 121 English Composition and MAT 020 Basics of College Mathematics
II. COURSE DESCRIPTION
This course is an introduction to the basic principles of economics with emphasis upon macroeconomic theory. Among topics discussed are the scope and nature of economics, national income and employment theory, business fluctuations, money and banking, fiscal and monetary policies, trade, and economic growth.
III. RATIONALE OF COURSE
A basic understanding of economics is essential in order to be a well-informed citizen and to understand what is going on in the nation and the world today. Most of the specific problems of the day have important economic aspects which need to be understood in order to vote intelligently.
Economics is of practical value in business; an understanding of the overall operation of the economic system puts the business person in a better position to formulate policies.
Knowledge of economic principles gives the individual as worker and income receiver some insights as to how he or she might become more secure against the effects of economic changes such as inflation and unemployment.
The basic purpose of this course is to introduce the beginning economics student to those principles essential to an understanding of fundamental economic problems and the policy alternatives society utilizes to contend with these problems.
IV. COURSE COMPETENCIES
- Explain the scope of economics and the methodology by which economists solve problems;
- Explain opportunity costs and use production possibilities curves to explain how tradeoffs are used in decision making;
- Explain the concepts of supply and demand;
- Explain the major private sectors of the economy and their spending;
- Explain the influence of the government ("public sector") on the economy;
- Explain National Income Accounting;
- Explain unemployment and inflation as they impact the economy;
- Explain how the macroeconomy reaches equilibrium through the forces of Aggregate Supply and Aggregate Demand;
- Explain how Aggregate Demand/Aggregate Expenditures influence National Income;
- Explain fiscal policy from both a practical and theoretical viewpoint;
- Explain the role of the Federal Reserve; explain monetary policy;
- Illustrate the benefits of specialization and international trade and explain measures countries take to impede trade;
- Explain the role of the foreign exchange market and foreign exchange rates as they pertain to global economic activity.