ECON 110 Survey of Economics (5 credits)
Distribution Area Fulfilled Social Sciences; General Transfer Elective
Course Description
Overview of micro and macroeconomics covering supply, demand, prices, production, market structures, role of government, overall economy, unemployment, inflation, taxes, government spending, money and interest rates.
Course Content
A. supply and demand
B. production, costs of production
C. market structures
D. revenues, costs, profits
E. role of government in a market economy
F. distribution of income
G. gross domestic product
H. unemployment and inflation
I. fiscal policy, government spending, taxes, budget deficit/surplus
J. monetary policy, interest rates, Federal Reserve System
K. economic growth
L. international trade
Student Outcomes
1. Describe the goals of an economic system and the advantages and disadvantages of the market system.
2. Graph and explain supply and demand.
3. Explain what factors influence demand and supply and how they impact price and quantity.
4. Describe the differences in characteristics between a competitive market structure and a non-competitive market structure.
5. Describe the role of government in dealing with imperfections in the market system, including public goods and externalities.
6. Describe and calculate GDP.
7. Describe a recession and the business cycle and describe and calculate the unemployment rate.
8. Explain fiscal policy and how it can be used to change GDP, unemployment, and inflation.
9. Define a budget deficit, explain what causes a budget deficit, and describe the long run costs.
10. Explain monetary policy and how the Federal Reserve controls the money supply and interest rates in order to influence GDP, unemployment, and inflation.
Degree Outcomes
Social Sciences: Graduates analyze and interpret social phenomenon using social science theories and methods.
Critical, Creative, and Reflective Thinking: Graduates will evaluate, analyze, synthesize, and generate ideas; construct informed, meaningful, and justifiable conclusions; and process feelings, beliefs, biases, strengths, and weaknesses as they relate to their thinking, decisions, and creations.
Lecture Contact Hours 50
Lab Contact Hours 0
Clinical Contact Hours 0
Total Contact Hours 50
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