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Economics 101

ECON 101: Survey of Economics

Prerequisites: None

Credit Hours: (3)

Semester offered: Fall and Spring

A study of economic theory, institutions and issues. Emphasis on gaining a broad understanding of economic reasoning and its application to major contemporary issues. Students who have completed ECON 105 and 106 may not take ECON 101. General Education credit – Social and Behavior Sciences.

 

Detailed Description of Content of the Course

The course is designed to expose non-majors to the variety of existing economic systems; the history of the development of the market system in the U.S. and Europe; the theory of demand and supply; critiques of market theory; mainstream theory concerning economic growth, the business cycle, employment, unemployment and inflation; the theory behind fiscal and monetary policy.

Topic Outline

1. The Evolution of Capitalism
2. Structure and Trends of Economic Systems
3. How the Market Economy Works
4. The Economic Role of Government
5. Inflation
6. Employment and Unemployment
7. The Stabilization Policy Debate
8. Income Distribution
9. Growth and Productivity
10. The World Economy
11. How to Maximize Profit
12. Labor and Human Resources
13. Summary

 

Detailed Description of Conduct of the Course

The following teaching strategies will be employed:

  • Lectures, videos, and discussion.

 

Goals and Objectives of the Course

1. Examine the transition from feudalism to capitalism in Western Europe.
2. Present the general type of economy systems and their characteristics.
3. Discuss the early history and philosophy of the free market system.
4. Examine the role of demand and supply in determining market price.
5. Examine the role of prices in allocating resources, output, employment, and incomes in the market system.
6. Introduce those factors that theoretically cause changes in demand and supply.
7. Demonstrate the effect of changes in demand and supply on market price.
8. Examine theoretical problems in the market determination of prices and allocation of resources, jobs, income, and output.
9. Introduce mainstream macroeconomic theory of aggregate demand and aggregate supply.
10. Introduce the concept of consumption and those factors that influence consumption levels.
11. Investigate savings and investment behavior in the macroeconomy.
12. Examine the conditions necessary for stable economic growth.
13. Examine problems of disequilibrium (instability) in economic development.
14. Discuss the goals underlying U.S. economic policy.
15. Discuss the role of spending, taxation, and changes in the money supply on the level of employment and inflation in the economy.

 

Assessment Measures

  • Test I 25%
  • Test II 25%
  • Test III 25%
  • Final 25%

 

Other Course Information

 

Review and Approval

Date Action Reviewed by
December 2004 Made alterations to syllabus N. Hashemzadeh, Chair