Catalog Course Search Details

 Department:    ECON

 Course #:    101

 Credits:    5

 Variable:     No

 IUs:    5

 CIP:    450601

 EPC:    n/a

 REV:    2024

 Course Description  

Introduction to the basic principles of economics for the non-major. Areas covered include scarcity and choice, incentives, supply and demand, economic growth, unemployment, inflation, the role of government, and utility maximization (as it relates to the human pursuit of happiness and satisfaction).

 Prerequisite  

Prerequisite: ENGL& 101 with a grade of C or higher.

Contact Hours (based on 11 week quarter)

Lecture: 55

Lab: 0

Other: 0

Systems: 0

Clinical: 0

Intent: Distribution Requirement(s) Status:  

Academic Social Sciences  

Equivalencies At Other Institutions

Learning Outcomes

After completing this course, the student will be able to:

1. Identify foundational economic terms and concepts including scarcity, opportunity cost, supply and demand, incentives, utility, public goods, external costs and benefits, fiscal policy, and monetary policy.
2. Identify common misconceptions about economics, economic systems, and economic policies including minimum wage, negative income tax, and the purpose of taxes and subsidies.
3. Explain the significance of economics as a social science in the analysis of individual and collective decision making.
4. Apply foundational economic terms and concepts in the analysis of current issues.
5. SOCIAL SCIENCES: Explain the variables that influence the structure of cultures and societies.

General Education Learning Values & Outcomes

Revised August 2008 and affects outlines for 2008 year 1 and later.

Course Contents

1. Scarcity, Choice, Incentives, and Opportunity Cost
2. Production Possibilities, Specialization, and Trade
3. Supply and Demand
4. Marginal Cost, Efficiency, Externalities, and Public Goods
5. GDP, Business Cycles, and Economic Growth
6. Unemployment and Inflation
7. Fiscal Policy: Taxes and Government Spending
8. Monetary Policy: Money and Interest Rates
9. Utility: Short-Term Happiness and Long-Term Satisfaction
10. Economic Systems: Capitalism and Socialism