Econ 1580 Introduction To Economics

ECON 1580: Introduction to Economics

Course Description:

This course provides an introduction to economics as well as an overview of macroeconomics and microeconomics. Course topics include the operations of a market economy, money and banking, the relations between business organizations and government regulatory agencies, optimal allocation of resources, price stability and long-term growth.

Required Textbook and Materials:

The main required textbooks for this course are listed below, and can be readily accessed using the provided links. There may be additional required/recommended readings, supplemental materials, or other resources and websites necessary for lessons; these will be provided for you in the course’s General Information and Forums area, and throughout the term via the weekly course Unit areas and the Learning Guides.

Learning Objectives and Outcomes:

By the end of this course students will be able to:

• Explain the basic principles and use terminology of microeconomics and macroeconomics.
• Identify the role of supply and demand in a market economy and the necessary conditions for market economies to function well.
• Discuss the efficiency advantages of a market system, the role of prices in achieving efficiency, and the various types of competition.
• Identify the major components of a macro-economic system.
• Explain how the macro-economy accounts for economic output, income, and economic growth.

Course Schedule and Topics:

This course will cover the following topics in eight learning sessions, with one Unit per week. The Final Exam will take place during Week/Unit 9 . This course takes a bit of a different approach as each unit is based on two unique chapters. Therefore, for each unit you will have two Learning Guides to follow, two Learning Journal tasks, and two Self-Quizzes. However, you will only have a single Written Assignment and Discussion Assignment for Units 1 through 7. The course also includes two Graded Quizzes one in Unit 3 and one in Unit 6. Your Final Exam, as always, is in Unit 9.

Week 1: Unit 1 – Chapter 1: Economics: The Study of Choice
Week 1: Unit 1 – Chapter 2: Confronting Scarcity: Choices in Production

Week 2: Unit 2 – Chapter 3: Demand and Supply
Week 2: Unit 2- Chapter 5: Elasticity: A Measure of Response

Week 3: Unit 3 – Chapter 7: The Analysis of Consumer Choice
Week 3: Unit 3- Chapter 8: Production and Cost

Week 4: Unit 4 – Chapter 9: Competitive Markets for Goods and Services
Week 4: Unit 4- Chapter 10: Monopoly.

Week 5: Unit 5 – Chapter 11: The World of Imperfect Competition
Week 5: Unit 5- Chapter 20: Macroeconomics: The Big Picture

Week 6: Unit 6 – Chapter 21: Measuring Total Output and Income
Week 6: Unit 6- Chapter 22: Aggregate Demand and Aggregate Supply

Week 7: Unit 7 – Chapter 23: Economic Growth
Week 7: Unit 7- Chapter 24: The Nature and Creation of Money

Week 8: Unit 8 – Chapter 26: Monetary Policy and the Fed
Week 8: Unit 8- Chapter 27: Government and Fiscal Policy

Week 9: Unit 9 – Course Review and Final Exam