Economic Theory –

eco205

(3 credits)

This course will introduce the fundamental theories of microeconomics and macroeconomics. The economic principles studied in this course will be applied to everyday life as students research an industry, debate issues with trade agreements, discuss the effects of a shift in labor supply and demand, and discuss the strengths and weaknesses of the Consumer Price Index calculation. In particular, learners will research an industry affected by the economy and will perform an economic analysis of this chosen industry.

This undergraduate-level course is weeks. To enroll, speak with an Enrollment Advisor.

Topics and Objectives

Economic Analysis
- Perform an economic analysis of a given industry.
Federal Reserve and Fiscal Policies
- Explain how the Federal Reserve and banks manage the U.S. monetary system.
- Determine the effects of monetary and fiscal policies on the economy's production and employment.
- Identify the causes and costs of inflation.
Government Policy and International Trade
- Debate issues surrounding international trade.
- Recognize the effects of government policy on economic behavior.
Labor Markets
- Discuss how labor market equilibrium is affected by the supply and demand of labor.
- Discuss factors affecting labor supply and demand.
Measuring Economic Health
- Analyze the use of Gross Domestic Product (GDP) to measure productivity and economic well-being.
- Recognize the strengths and weaknesses of the Consumer Price Index (CPI) calculation process.
Principles of Economics
- Explain how the principles of economics affect decision making, interaction, and the workings of the economy as a whole.
- Discuss how budget constraints and preferences affect consumers' choices.
- Compare and contrast the role of an economist as a scientist and as a policy advisor.
Supply and Demand
- Analyze how the necessity of a good and the availability of substitutions impact price elasticity.
- Describe how changes in price and quantity influcence market equilibrium.
Types of Goods and Markets
- Compare and contrast public goods, private goods, common resources, and natural monopolies.
- Examine the characteristics of competitive markets, monopolies, and oligopolies.
- Determine how positive and negative externalities affect the economy.
Wages and Income
- Determine methods for measuring income inequality.
- Explain how wages are determined in a market economy.

The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Advisor.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.

Economic Theory –

eco205

Economic Analysis

Federal Reserve and Fiscal Policies

Government Policy and International Trade

Labor Markets

Measuring Economic Health

Principles of Economics

Supply and Demand

Types of Goods and Markets

Wages and Income

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