ECO 2000 - Introduction to Economics

College of Social and Behavioral Sciences

Credit(s): 3
Contact Hours: 47
Effective Term Fall 2011 (445)

Requisites

(Prerequisite ENC 0025 or
Prerequisite ENC 0056) and
((Prerequisite REA 0017 or
Prerequisite REA 0056) or
Prerequisite EAP 1695 or
Prerequisite appropriate score on the college placement test.)

Course Description

This course is designed to provide students with a general knowledge of the structure and function of economic systems with major emphasis on the American economy and its current economic problems. (Note: This course partially satisfies the writing requirements outlined in the General Education Requirements.) Testing

Learning Outcomes and Objectives

  1. The student will demonstrate knowledge of the basic tools needed to understand current economic theory by:
    1. defining economic terminology.
    2. identifying and recalling mathematical formulas used to solve problems involving basic economic principles.
    3. identifying, illustrating and interpreting graphs.
    4. recalling basic math and algebra.
  2. The student will understand the basic economic principles by:
    1. illustrating these principles graphically.
    2. identifying and explaining these principles.
  3. The student will develop an understanding of the operation of the market economy by:
    1. defining basic supply and demand data.
    2. recognizing a market equilibrium condition.
    3. determining the equilibrium effects of changes in demand and/or supply.
  4. The student will develop an understanding of the role of government within the framework of a free enterprise system by:
    1. recalling the economic functions of government.
    2. determining specific government programs which augment and promote free enterprise.
  5. The student will describe the effects of aggregate demand and aggregate supply upon employment, output, and prices by:
    1. identifying the macroeconomic equilibrium at various levels of aggregate demand.
    2. classifying the individual components of aggregate demand and aggregate supply.
  6. The student will demonstrate knowledge of the usefulness of monetary and fiscal policy as methods of implementing national economic goals by recalling the fiscal and monetary policies appropriate to each level of economic activity.
  7. The student will develop an understanding of the importance of international trade and the role of foreign exchange in international trade by:
    1. identifying the basic reasons for specialization and trade.
    2. explaining the relationship between foreign exchange and international trade.
  8. The student will explain how basic economic theory is used to examine current economic problems by:
    1. grouping the various concepts and theories into possible solutions for current economic problems.
    2. recognizing the apparent incompatibility between basic economic objectives.
  9. The student will demonstrate knowledge of the different market models studied in microeconomics by:
    1. identifying the characteristics of each market model.
    2. recognizing differences and similarities between the market models.
  10. The student will explain price and output determination for a firm by:
    1. determining the most profitable level of output using the total revenue-total cost method.
    2. determining the most profitable level of output using the marginal revenue-marginal cost method.
  11. The student will develop an understanding of how individual markets work by determining the change in equilibrium price and output when there is a change in demand and/or supply.
  12. The student will describe the concept of elasticity as it relates to economics by:
    1. identifying the different types of elasticity.
    2. identifying the factors which make products elastic.
    3. identifying the factors which make products inelastic.

Criteria Performance Standard

Upon successful completion of the course the student will, with a minimum of 60% accuracy, demonstrate mastery of each of the above stated objectives through classroom measures developed by individual course instructors.

History of Changes

Revised 7/6/83 Revised 8/84 3 YR C&I Review 1992-93 DBT 5/18/93 Effective Session 19931. C & I 11/25/97, DBT 12/15/97, Effective Session 19981. 3-Year Review 2001. 3-Year Review 2005. 3-Year Review 2009. Effective 20111(0445).
C&I Approval: 03/22/2011, BOT Approval: 04/26/2011, Effective Term: Fall 2011 (445)

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