ECON 1050 - Survey of Economics

4.5 Credits

Students develop a basic understanding of economics to apply in daily living. Students learn the predominate economic principles of western economic thought and how these principles permeate through the fundamental concepts governing our economic interactions, institutions, and policies. With this new understanding, students develop an analytical framework with which to view the functioning of market and mixed economic systems.

Lecture Hours: 4.5
Lab Hours: 0.0
Internship Hours: 0.0
Clinical or Practicum Hours: 0.0

Course Objectives

Describe the operation of the market economy including supply and demand.
Calculate and interpret how economists’ measure sensitivity of quantity demanded and supplied to changes in price and income.
Analyze the firm’s cost of production and sources of revenue.
Describe the major characteristics, including how prices and quantity are determined, of the following market structures: pure competition, monopolistic competition, oligopoly, monopoly.
Explain potential ways to address market failures such as monopoly power, imperfect information, externalities, and public goods.
Explain the relationships amongst unemployment, inflation, and the business cycle.
Distinguish between the effects of government fiscal and monetary policy.
Demonstrate the interaction amongst national income, GDP, aggregate demand and supply.
Discuss the basics of foreign exchange markets, globalization, and international trade.

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