ECON 201 - Principles of Macroeconomics (GEKS)
The first half of basic principles of economics. Emphasizes macroeconomic concepts of national income, fiscal and monetary policy, and problems of unemployment, inflation and economic growth.
Credit Hours: 3 hrs
Prerequisite: Level 3 Math Placement or (at least a C in or above)
Knowledge of the Disciplines:
Economics is one of the fundamental social sciences because it systematically investigates the economic relationships and interactions among people living in society. In the course acquire a basic understanding of both the subject of economics and the tools used by economists in their study of economic questions. (1) macroeconomics looks at how people and societies make choices, while weighing the costs and benefits of those choices. The basic assumption is that normal economic behavior is guided by a process of always seeking to get the maximum benefit at minimum cost; (2) introduces students to concepts such as supply and demand, business cycles, inflation and unemployment, money and banking, and taxing and government spending. Here students learn how economics research develops and uses numbers and models (simplifications) to explain changes in these concepts; (3) introduces students to some of the different interpretations of the desirability of changes and their outcomes. One school of thought explored focuses on “what is,” with no value judgments implied. Another school of thought focuses on “what ought to be,” based on value judgments about the social desirability of outcomes.
Last Updated: Links 04/2011
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