ECON 12100 - Economics For The Citizen

Broad introduction to economic concepts and how they can contribute to a better understanding of the world around us. Intended to help students understand the economics that affects their daily lives. Particular focus on the economy of the United States and economic literacy so students can make sound personal decisions and participate in civic life. Topics covered will include markets, prices, the role of government, international trade, the Federal Reserve, and economic indicators.

Preparation for Course
P: Not in an economics major or minor.

Cr. 3.
Notes
No credit if taken concurrently or after ECON 20101 or ECON 20201.
Student Learning Outcomes
1. Identify how changes in incentives impact the choices of people.
2. Apply the definition of scarcity, incentives, opportunity cost, and marginal analysis to various scenarios.
3. Identify gains from trade and the importance of trade as a source of economic progress.
4. Identify arguments for/against international trade.
5. Identify and define transaction costs, voluntary trade, demand, supply, and equilibrium.
6. Identify how changes in demand or supply affect prices.
7. Understand the role of profits and losses in the market economy.
8. Identify which institutions are important to economic growth.
9. Define the characteristics of property rights.
10. Recognize why competitive markets and capital markets help economies grow.
11. Identify gains from trade and the importance of trade as a source of economic progress.
12. Identify and define unemployment and inflation and understand how they are measured.
13. Understand how GDP is measured and identify its strengths and weaknesses.
14. Identify how changes in monetary and fiscal policy affect economic growth.
15. Define and recognize the market of public goods and monopoly.
16. Recognize the role that government plays in protecting property rights and providing public goods.
17. Identify the purpose and function of the Federal Reserve.
18. Identify and define special interest effects.
19. Identify the national debt.
20. Identify how incentives affect the choices of government employees and politicians.