Students develop a basic understanding of economic principles, which allows for and encourages informed discussion of media-covered issues. Topics include contrasting macroeconomics and microeconomics; gross domestic product; economic growth and business cycles; unemployment and inflation; aggregate supply and demand; scarcity, opportunity costs, and trade; law of supply and demand; accounting versus economic profits; money and exchange rates; government choices, markets, efficiency, and equity; monopoly and competition; externalities, public goods, and free riders; and globalization and trade policy. Note: Students cannot get credit for more than one of ECON 1220. Students will not receive credit for ECON 1221 unless it has been completed prior to earning a grade of C- or better in either ECON 1900/ECON 1901 or ECON 1950/ECON 1951.
Students develop a basic understanding of economic principles, which allows for and encourages informed discussion of media-covered issues. Topics include contrasting macroeconomics and microeconomics; gross domestic product; economic growth and business cycles; unemployment and inflation; aggregate supply and demand; scarcity, opportunity costs, and trade; law of supply and demand; accounting versus economic profits; money and exchange rates; government choices, markets, efficiency, and equity; monopoly and competition; externalities, public goods, and free riders; and globalization and trade policy. Note: Students cannot get credit for more than one of ECON 1220. Students will not receive credit for ECON 1221 unless it has been completed prior to earning a grade of C- or better in either ECON 1900/ECON 1901 or ECON 1950/ECON 1951.
