ECO 120 Survey of Economics Revised: Fall 2016 COURSE OUTLINE Prerequisites: None Course Description: Presents a broad overview of economic theory, history, development, and application. Introduces terms, definitions, policies, and philosophies of market economies. Provides some comparison with other economic systems. Includes some degree of exposure to microeconomic and macroeconomic concepts. As an introductory course, it provides a general overview of the fundamental processes, language and analyses used in economics. It surveys major economic themes and issues confronting contemporary society to show the relationship between economics and the other social sciences. Semester Credits: 3 Lecture Hours: 3
ECO 120: Survey of Economics Course Outcomes: At the completion of this course, the student should be able to: Distinguish between various economic systems. Identify the influences of competitive markets of various structures on society and global affairs. Identify the influences of supply and demand on society and global affairs. Examine the basics of monetary and fiscal policy and how these tools can be used to influence the macroeconomy. Distinguish between microeconomics and macroeconomics. Apply economic reasoning to understand effects of economy related forces on the daily lives of people worldwide. Use marginal analysis to understand the primary economic issues facing society and learn to apply marginal analysis towards better personal decision-making.
1. Textbook 2. Internet access 3. Blackboard ECO 120: Survey of Economics Required Materials: Textbook: Schiller, Bradley. Essentials of Economics. New York: McGraw-Hill/Irwin, 10th ed., 2017. ISBN: 9781259235702 The following supplementary materials are available: None
ECO 120: Survey of Economics Topical Description: Introduction to Economics o Scarcity, What, How and For Whom, Choice Mechanisms, Market Failure, Government Failure, Macro vs. Micro, Review of basic graphing The American Economy o Mix of output, Factors of production, Business organization, Distribution of income, Income mobility, Global poverty Supply and Demand o Market participants, Market interactions, Demand, Supply, Movements along vs. Shifts, Equilibrium, Disequalibrium Consumer Demand o Determinants of Demand, Utility theory, Price elasticity Supply Decisions o Production function, Cost curves, Short run and long run decisions, Economic vs. accounting costs and nature of profit Competition o Perfect competition, Firms production decisions, Profit maximization, Entry and Exit, Virtues of competition Monopoly o Price vs. Marginal Revenue, Monopoly behavior, Barriers to entry, Comparative outcomes, Possible good aspects of monopoly Labor Market o Supply, Demand, Hiring decision, Market equilibrium, Changing market outcomes Government Intervention o Market failure, Public goods, Externalities, Market power, Macroeconomic instability Business Cycles o Assessing Macro performance, GDP growth, Unemployment, Inflation Aggregate Supply and Demand o Macro determinants, Classical theory, Keynesian theory, Aggregate supply and demand model,, Macro failures, Competing theories of short run instability, Policy options Fiscal Policy o Components of aggregate demand, Fiscal stimulus, Fiscal restraint, Budget deficits Money and Banking
o Uses and types of money, Money supply, Creation of money, Money Multiplier, Macro role of banks Monetary Policy o Federal Reserve System, Monetary tools, Shifting aggregate demand, Price vs. output effects, Rules or discretion Economic Growth o Short run vs. long run, Nominal vs. real GDP, Growth indexes, Sources of productivity growth, Policy levers, Desirability of growth Theory and Reality o Policy tools, Idealized uses, The economic record, Why things don t always work, Hands on or hands off? International Trade and Finance o US trade patterns, Motivation to trade, Comparative advantage, Terms of trade, Protectionism, Barriers to trade, Exchange rates, Balance of payments
ECO 120: Survey of Economics Notes to Instructors None