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ECONOMICS
ECON 2301 - PRINCIPLES OF MACROECONOMICS
An analysis of the economy as a whole including measurement and determination of Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. Other topics include international trade, economic growth, business cycles, and fiscal policy and monetary policy.
An analysis of the economy as a whole including measurement and determination of Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. Other topics include international trade, economic growth, business cycles, and fiscal policy and monetary policy.
Meets NCTC Core Curriculum Requirement
Upon completion, students will be able to:
Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making.
Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
Define and measure national income and rates of unemployment and inflation.
Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy.
Define money and the money supply; describe the process of money creation by the banking system and the role of the central bank.
Construct the aggregate demand and aggregate supply model of the macro economy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions.
Explain the mechanics and institutions of international trade and their impact on the macro economy
Define economic growth and identify sources of economic growth.
Grade Basis: L
Credit Hours: 3
Lecture hours: 48.0
ECON 2302 - PRINCIPLES OF MICROECONOMICS
Analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures, and international trade.
Analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures, and international trade.
Meets NCTC Core Curriculum Requirement
Upon completion, students will be able to:
Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making.
Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output
Summarize the law of diminishing marginal utility; describe the process of utility maximization.
Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue.
Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.
Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis.
Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis.
Describe governmental efforts to address market failure such as monopoly power, asymmetric information, externalities, and public goods.
Identify the benefits of free trade using the concept of comparative advantage
Grade Basis: L
Credit Hours: 3
Lecture hours: 48.0