Sep 25, 2023  
2023-2024 Catalog 
2023-2024 Catalog

ECO 121 - Introduction to Economics

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

Identify and illustrate how markets work with the use of demand and supply. Perform microeconomic analysis of consumer and business decision-making under varying economic conditions. Examine how major macroeconomic indicators like the GDP are used to measure the health of the economy. Analyze how fiscal and monetary policies can be used to improve the economy. 

Note: Not intended for students planning to major in economics or business. Typically offered at MC and OL; fall, spring, and summer terms.

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

  1. Describe the central economic problem of scarcity, and how alternative economic systems, particularly a market system, might work to resolve the problem.
  2. Explain the theoretical mechanics of demand and supply, the rationing and guiding functions of prices, and explain the strengths and weaknesses of economic systems.
  3. Explain elasticity of demand and apply elasticity concepts to real world problems such as taxation, and how to increase revenues.
  4. Describe and apply the basic decision-making rules of microeconomics to the theories of pure competition through pure monopoly.
  5. Apply models of macroeconomic equilibrium, including the tools of fiscal policy.
  6. Discuss what money is, how it is created, how money affects the economy, the tools of monetary policy.