ECO 116 - Inside the Global Economy

3 credit hours - Three hours weekly; one term.
This course meets the Social and Behavioral Sciences General Education Requirement. This course meets the Diversity Requirement.

Explore the concepts of the global economy. Discuss national differences in political economy, possible differences in culture and ethical standards, theories of why nations trade and arguments for and against trade, the role of foreign investment, trade blocs (such as NAFTA and the European Union) and other aspects of economic integration as well as exchange rates and the global monetary system. Examine how firms can compete effectively and ethically in a global marketplace and the importance of exporting, importing, countertrade, global production, marketing, and human resource management. Evaluate reasons why cross-cultural understanding and appreciation are crucial to the effective functioning of a global economy.

Prerequisite(s): Eligibility for ENG 101 /ENG 101A .

Note: Appropriate for students with no prior study of economics. Typically offered at MC and OL; fall and spring terms.

Course Outcomes:
Upon successful completion of this course, the student will be able to:

Describe the difference between a centrally-managed economic system and a market-driven economic system.
Explain the concept of comparative advantage and why nations trade.
Assess critically the arguments for and against free trade, including the local effects of economic displacement and social unrest.
Identify and list members of major regional trade blocs in the world.
Define the term “globalization” and assess critically the arguments of those in favor and opposed to globalization.
Explain why cross-cultural understanding and tolerance is necessary for a global economy to function effectively.
Describe a multinational corporation, how multinationals serve as engines for globalization, and outcomes, both favorable and unfavorable in the student’s view, resulting from participation of multinationals in global economic activity.