Principles of Economics

Catalog description

This course covers introductory microeconomics and macroeconomics with particular attention given to the U.S. economy and global issues. The microeconomic portion introduces the discipline and fundamental tools of economics. It proceeds to study the workings of a price system and theories of consumer and firm decision-making. It further analyzes particular market structures characterized by perfect and imperfect competition, reviews the strengths and weaknesses of a market economy, and considers the government's role in correcting market failures and promoting competition. The macroeconomic portion studies the domestic and international forces that govern the determination of the aggregate level of economic activity and stabilization policies used to manage business cycles. The course will further explore the causes and effects of inflation and unemployment, the importance of international trade, trade policy and economic integration.