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

Describe the theories of absolute and comparative advantage and how they serve as the basis for understanding why nations choose to trade.
Explain the forces which influence international currency markets and how exchange rates are established.
Calculate supply and demand elasticities and discuss their relevance to firms or policy makers.
Identify consumer behavior theory graphically and numerically, and explain how it relates to demand for goods and services.
Describe the theory of production (short and long run) and how it relates to the theory of costs (short and long run).
Identify firms’ choices and determine optimal behavior under the conditions of pure competition, monopolistic competition, oligopoly, and monopoly.
Describe the theoretical mechanics of factor markets and how they explain factor income distribution under various combinations of competitive conditions.