ECO 211H - Principles of Economics 1- Honors

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

Explore macroeconomic theory and policy. Identify and illustrate how markets work with the use of demand and supply. Discuss use of national income accounting (GDP) as a measure of the health of the economy. Examine unemployment, inflation and business cycles as they relate to the economy and possible policy prescriptions. Examine and calculate GDP to analyze and implement fiscal and monetary policies.

Prerequisite(s): Eligibility for MAT 137 . Eligibility for Honors courses.

Crosslisted: Also offered as ECO 211 ; credit will not be given for both ECO 211H and ECO 211 .

Note: It is recommended that ECO 211  or ECO 211H be taken prior to ECO 212  or ECO 212H .

Course Outcomes:
At the conclusion of this course, the student should be able to:

a. Describe the central economizing problem and how a variety of economic systems function (or do not function) to resolve the problem successfully.

b. Identify the major institutional participants in an economic system and the roles which they play.

c. Explain how the performance of an economic system is measured (GDP) and major macroeconomic problems, such as inflation, unemployment and business cycles.

d. Explain consumption theory, investment theory, the multiplier effect, and how they unite to form the concept of macroeconomic equilibrium.

e. Explain the theory of fiscal policy and how changes in government spending and taxes produce changes in macroeconomic equilbrium as well as changes in unemployment.

f. Describe alternative views of macroeconomic theory and policy, such as the classical and new classical models that emphasize the role of supply-side factors, and the Keynesian and new Keynesian models that emphasize the role of demand-side factors in determining macroeconomic equilibrium.