ECON 20000 - Fundamentals Of Economics And An Overview

Study of the basic institutions of market economy and the role they play in defining and pursuing economic goals in the U.S. economy. Emphasis is placed upon the effects of existing economic institutions, current economic policy alternatives as they affect both the individual and the society.

Cr. 3.
Notes
Indiana Core Transfer Library course.
Student Learning Outcomes
1. Understand fundamental economic concepts such as scarcity, opportunity cost, incentives, and marginal analysis.
2. Analyze how prices are set and their importance in a market economy.
3. Compare and contrast different economic systems and institutions, evaluating their impact on economic growth.
4. Evaluate the role of government in the economy, including its functions in protecting property rights and providing public goods.
5. Interpret economic data and indicators such as GDP, inflation, and unemployment.
6. Evaluate the impact of monetary and fiscal policy on the economy.
7. Examine the principles of international trade and its effects on different economies.
8. Critique public policy decisions using economic concepts and principles.
9. Analyze the behavior of individuals, groups, and institutions using economic models and theories.
10. Evaluate the strengths and weaknesses of various economic explanations for social phenomena.
11. Apply economic reasoning to personal financial decisions.
12. Construct a personal budget based on tracked spending data and economic principles.