Introduction to Economics
Economics is the study of how individuals, firms, and societies make decisions under scarcity. We will examine basic economic concepts and theories, using economics to analyze current events and personal decisions. The course will further examine the concepts of supply and demand, markets, household and firm decision-making, gross domestic product, inflation, unemployment, and government policies..
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- Explain the methods and principles of microeconomic theory, including the role of economists, opportunity costs, and different economic systems.
- Explain how markets work and how market prices are determined using demand and supply. Evaluate the impact of an event on the equilibrium.
- Assess the impact of market failure (externalities and public goods). Consider possible government interventions to improve the market outcome.
- Describe basic economic indicators and their use in evaluating macroeconomic conditions.
- Describe production and consumption bundles of an economy under conditions of self-reliance and international trade.
- Explain fiscal and monetary policy tools and their use in smoothing out variability in the economy.