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. This course is available as part of a degree or certificate program. To enroll, speak with an Enrollment Advisor.

Wages and Income

  • Explain how wages are determined in a market economy.
  • Determine methods for measuring income inequality.

Types of Goods and Markets

  • Determine how positive and negative externalities affect the economy.
  • Examine the characteristics of competitive markets, monopolies, and oligopolies.
  • Compare and contrast public goods, private goods, common resources, and natural monopolies.

Supply and Demand

  • Describe how changes in price and quantity influcence market equilibrium.
  • Analyze how the necessity of a good and the availability of substitutions impact price elasticity.

Principles of Economics

  • Compare and contrast the role of an economist as a scientist and as a policy advisor.
  • Discuss how budget constraints and preferences affect consumers' choices.
  • Explain how the principles of economics affect decision making, interaction, and the workings of the economy as a whole.

Measuring Economic Health

  • Recognize the strengths and weaknesses of the Consumer Price Index (CPI) calculation process.
  • Analyze the use of Gross Domestic Product (GDP) to measure productivity and economic well-being.

Labor Markets

  • Discuss factors affecting labor supply and demand.
  • Discuss how labor market equilibrium is affected by the supply and demand of labor.

Government Policy and International Trade

  • Recognize the effects of government policy on economic behavior.
  • Debate issues surrounding international trade.

Federal Reserve and Fiscal Policies

  • Identify the causes and costs of inflation.
  • Determine the effects of monetary and fiscal policies on the economy's production and employment.
  • Explain how the Federal Reserve and banks manage the U.S. monetary system.

Economic Analysis

  • Perform an economic analysis of a given industry.

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