Course Description: Economics 101Â (Principles of Economics) is an introduction to a wide range of basic topics in microeconomics and macroeconomics. The goal of this course is to help students to develop economic intuition and analytical skills that can be applied to common economic problems, as well as build a foundation for more advanced economics courses. This course concentrates on how markets function, what markets do well when markets do not work well, the distribution of income and wealth, macroeconomic measurements, growth, financial markets, monetary system, the public sector, and international trade.
Course Objectives:
- Develop the basic tools of analysis, comprising both quantitative skills and economic intuition
- Differentiate between major economic systems
- Apply the concepts of supply and demand within business settings
- Define and distinguish various economic costs (implicit, explicit, fixed, and variable costs)
- Understand the law of diminishing returns
- Explore the impact that the ease of market entry and exit has on economic and business efficiency
- Understand basic facts about the U.S. economy
