Although divided into two main areas, all of economics pertains to one overarching problem: the ability of human wants to outstrip available resources. Topics covered under "macro" economics are national income measures, business cycles, unemployment, inflation, economic growth and development, monetary and fiscal policy, government debt: the United States banking system, and international trade and finance. "Micro" economics focuses on household, business, and some government decision-making. Topics include the functioning of markets under perfect (supply-and-demand) and imperfect competition, antitrust and regulation, environmental policy, and the distribution of personal income and wealth.
Office BGS 351
|Burokas, Nina||Russell, Susan||Tolentino, Emmanuel|
|Hoffman, Bill||Shieh, Harrison||Woodward, Ken|
|Javanmard, Mike||Singh, Herman|
PROGRAM STUDENT LEARNING OUTCOMES
Students who complete the Economics Program will be able to:
- Define scarcity, and show how it relates to the concepts of choice and cost.
- Outline the role of comparative advantage in exchange.
- Describe and analyze the economy in quantitative terms using national income and employment data from the standpoint of current and constant dollars.
- Utilize the demand and supply model and use the model to critically analyze real world examples.
- Explain the role of prices in allocating goods, services and factors of production.
- ECON 2 or 2H Principles of Economics (Macro)
- ECON 4 or 4H Principles of Economics (Micro)
- ECON 11 or PS 11 International Political Economy