ECON 25 - Introduction to Economics

Transfer Status

CSU

Unit(s)

3.00

• Lecture: 51.00 Contact hours/102.00 Out of class hours/153.00 Total hours/3.00 Unit(s)
• Total: 51.00 Contact hours/102.00 Out of class hours/153.00 Total hours/3.00 Unit(s)

Course Description: This course is a survey of basic economic concepts. Topics covered include supply and demand, firms' price and output decision making, government regulation, monetary and fiscal policy, current economic issues and factors related to international trade and economic growth. This course is intended for students not majoring in Business Administration.

Upon successful completion of this course, the student should be able to:

1. Explain the concept of opportunity cost using the standard economic statement, "There is no such thing as a free lunch."
2. Draw a production possibilities curve and use it to explain the concepts of scarcity and opportunity cost.
3. Use the concepts of supply and demand to explain pricing and output levels for a variety of goods and services.
4. Evaluate the role of the entrepreneur in free market capitalism and explain the role of capital.
5. Explain the differences between capitalism and communism.
6. Contrast the advantages and disadvantages of the three legal forms of businesses in America.
7. Calculate the unemployment rate, inflation rate and growth rate given government economic data.
8. Describe how the Federal Reserve, through monetary policy, affects economic growth and inflation.
9. Describe how the Federal Government, through fiscal policy, effects economic growth and inflation.

Topic Titles / Suggested Time Topic

Lecture

1. Class Activities
2. Discussion
3. Group Discussions
4. Homework: Students are required to complete two hours of outside-of-class homework for each hour of lecture
5. Lecture
6. Multimedia Presentations
7. Reading Assignments

1. Exams/Tests
2. Quizzes
3. Papers
4. Homework
5. Class participation
6. Written Assignments
7. Written Examinations
8. Examinations
9. Class Discussion
10. Essays

Reading Assignments

1. Read the textbook chapter and supplemental articles on Economics and the World Around You. Be able to explain how specialization and opportunity costs are related; why specialization occurs and what some of the benefits of trade are.
2. Read the textbook chapter and supplemental articles on Applications of Supply and Demand. Be able to explain how market systems work and how equilibrium wage differential exists when the equilibrium wage in two different labor markets is different.

Writing Assignments

1. Complete the assigned reading from the text and assigned articles and compose a 2-3 page college level essay that addresses the following issues of Macroeconomic Equilibrium: What determines the equilibrium price level of and real GDP? Also explain how during the Great Depression the U.S. economy experienced a falling price level.
2. Complete the assigned reading from the text and assigned articles and compose a 2-3 page college level essay that addresses the following issues of Business Cycles and economic growth; Also illustrate the difference between the short-run Phillips curve and the long-run Phillips Curve.

Out-of-Class Assignments

1. Read the assigned chapter from the text, supplemental articles and review the lecture notes. Upon completion of the reading and review of the lecture notes access the online learning system for Markets and the Market Process and complete the online quiz of twenty multiple choice questions to demonstrate mastery of the content.
2. Read the assigned chapter from the text, supplemental articles and review the lecture notes. Upon completion of the reading and review of the lecture notes access the online learning system for Issues in International Trade and Finance and complete the online quiz of twenty multiple choice questions to demonstrate mastery of the content.

Boyes, W. and Melvin, M. (2012). Fundamentals of Economics. Houghton Mifflin Company, 6th. 0132447029.

Economics (Masters Required)