Welcome to Economics
Economics is a one semester course designed to give students a basic understanding of the principles of economics. The course is designed to cover basic concepts in both microeconomics and macroeconomics.
Economics is the study of the use of scarce resources to satisfy unlimited human wants. In Microeconomics, we study how these scarce resources are allocated within the market (or price) system. Within this system, we consider the actions and the interactions of three economic agents: 1) the consumers, 2) the firms and 3) the government.
Students can also expect to learn how the measures of economic performance, such as GDP, inflation and unemployment, are constructed and how to apply them to evaluate the macroeconomic conditions of an economy. Students will also learn the basic analytical tools of macroeconomics, primarily the aggregate demand and aggregate supply model and its application in the analysis and determination of national income, as well as evaluating the effectiveness of fiscal policy and monetary policy in promoting economic growth and stability. Recognizing the global nature of economics, students will also have ample opportunities to examine the impact of international trade and international finance on national economies.
Students taking the course can expect to study the behavior of individuals and businesses as they exchange goods and services in the marketplace. Students will learn why the same product costs different amounts at different stores, in different cities, and at different times. They will also learn to spot patterns in economic behavior and how to use those patterns to explain buyer and seller behavior under different economic conditions. Microeconomics studies the economic way of thinking, understanding the nature and function of markets, the role of scarcity and competition, the influence of factors such as interest rates on business decisions, and the role of government in promoting a healthy economy. Emphasis is placed on reasoned logical argument so that we can use economics as a method and model for decision making.
By the end of the semester, students are expected to learn the following: 1) the language of Economics, 2) the basic methodology and models used in this area and their application to real-world situations, and 3) by using these models, the ability to analyze hypothetical and/or real-world situations that occur in our economy.