Course Description:
This course will introduce you to the wonderful world of economics. The first half of the course is devoted to Microeconomics, the analysis of interactions of the three primary economic agents in an economy: consumers, producers and government. The emphasis is will be on decision making processes of these agents and how their decisions affect markets. We construct simple models of markets and analyze different economic phenomenon in this framework. Course topics include supply and demand, competition and monopoly, international trade, and selected government policies. The primary objective of this part of the course is to enable you to understand the underlying reasons behind the decisions of economic agents. Increasing your understanding of economics will enable you to make better, more-informed decisions throughout your life. You will also be able to develop simple yet rigorous frameworks to evaluate a variety of socio-economic issues that might affect you.
The second half of the course is devoted to the study of Macroeconomics. We examine basic macroeconomic concepts such as inflation, unemployment, GDP, interest rates, and money. These relate to each other through business cycles - the irregular ups and downs in the U.S. and world economies. We will also look at the ways in which governments may seek to manage the economy: the tools of monetary and fiscal policy. Current data from the U.S. economy will be used to provide specific examples throughout and to help solidify the concepts discussed here. A secondary objective of this portion of the course is to familiarize students with the current state of the U.S. economy. This may include discussions of the financial crisis and events since then.
The main objective of this class is to introduce you to the terms and concepts used in economics and to the theories economists use to attempt to explain how economies function.
Textbooks:
Prerequisites:
A basic knowledge of algebra and graphs is important to succeed in this course. Some assignments will require use of Excel or a similar program. An introductory course on Excel will be available to students who want it.