ECON 101: Introduction to Economics

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Class Program

Economics

Credits

Weekly Contact Hours

Course ID

091552

Meets Degree Requirements For

Social Science

Description

Study of the organization and operation of the U.S. economic system including the roles of consumers, businesses and government. Investigation of the problems and policies associated with economic growth, environmental pollution, inflation, unemployment, poverty, energy and international trade.

Grading Basis

Graded

Instructor's Syllabus

Waleed Muhammad

Course Learning Outcomes

Seek, acquire and apply information and knowledge: Have and use quantitative data and a better understanding of economic concepts and reality as part of a rational decision process.

Apply a philosophical framework: Use a clearer and more consistent value set (A “Unifying Philosophy of Life”) as a part of a rational decision process.

Apply an analytical framework: Use the scientific method and the “Economic Way of Thinking” (Benefit-Opportunity Cost Analysis) in a rational decision process.

Reach more rational decisions (Problem Solve): As citizen/voters, make the high quality choices necessary for personal and collective goal achievement and responsible behavior.

Act in a more responsible manner: Behave in a way that contributes to civil and “free society”.

Core Topics

Introduction and the Syllabus
Economics in Perspective
The Role of Assumptions in Economic Models
Production Possibilities Frontier
Opportunity Cost
The Circular Flow of Economic Activity
Supply and Demand
Externalities
Trade
The Role of Government in the Economy
Gross Domestic Product
Unemployment
Inflation
Long Run Economic Growth
Short Run Macroeconomic Fluctuations
Fiscal Policy
The Role of the Central Bank, Money, and Monetary Policy