ECON 200 - Principles of Economics: Introduction to Economics
First term of a three-term sequence in principles of economics. Introduces the basic economic concepts of scarcity, choice production possibilities, and market operations. Also includes economic measurements, and the circular flow of income, and the role of government.
Prerequisite: Recommended: MTH 111 and sophomore standing
Upon successful completion of this course, the student will be able to:
1. Apply analytical skills to social phenomena in order to understand human behavior: Identify universal scarcity and the resulting opportunity costs that impact human behavior. Relate this to problems of a market economy, supply and demand, price controls, business cycles and much more
2. Apply knowledge and experience to foster personal growth and better appreciate the diverse social world in which we live: Analyze what it means to think economically” and how that results in divergent and sometimes contradictory policy dependent upon the social context and parameters within which issues arise. Begin to learn to apply these economic methodology on an individual as well as societal basis
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