This course provides an introduction to the economic analysis of micro and macro issues. At the micro level, the course investigates consumer and business behavior in product and financial markets. At the macro level, the course investigates the problems associated with unemployment, inflation, and economic growth. A significant portion of the class will focus on problems of the United States economy.
At the end of the course, you should understand:
- why monopolies are harmful to consumer interests and what can be done to regulate them;
- why some countries grow faster than others;
- why the unemployment rate is so high in some places of the world and how it can be reduced;
- what role the government can play in directing the economy;
- the costs of government over-intervention in markets;
- how to measure the welfare of a consumer;
- how to determine what is going on in macroeconomic graphs.
Successful completion of this course will enable you to understand basic economic concepts and to appreciate the range of problems to which economic problem solving approaches can be applied.
Grades determined by in-class exams, quizzes, and a comprehensive final exam.