ECON 101 - Introduction to Economics

Credits: 5
Variable Credit Course: No

Lecture Hours: 55
Lab Hours: 0
Worksite/Clinical Hours: 0
Other Hours (LIA/Internships): 0

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

Social Sciences Distribution Requirement

Meets FQE Requirement: No
Integrative Experience Requirement: No

Student Learning Outcomes

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.
Identify common misconceptions about economics, economic systems, and economic policies including minimum wage, negative income tax, and the purpose of taxes and subsidies.
Explain the significance of economics as a social science in the analysis of individual and collective decision making.
Apply foundational economic terms and concepts in the analysis of current issues.
SOCIAL SCIENCES: Explain the variables that influence the structure of cultures and societies.

Course Contents

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

Instructional Units: 5