This course is a one-semester introduction to economics covering topics in both micro and macroeconomics. Topics in microeconomics include the functioning of the market system and theories of consumer and business decision-making in a world of limited resources. The concepts of opportunity cost, efficiency, and market failure are developed as well as consideration of the wisdom and efficacy of government intervention in the market process. Topics in macroeconomics include the theory of national income determination and the associated concepts of inflation and unemployment. Fiscal and monetary policy and the institutions through which those policies are carried out are also developed. An introduction to international trade theory and foreign exchange markets complete the course.
Prerequisites: Students who have ECON 170 transfer credit may not take this course.