An introduction to fundamental economic concepts as applied to real-world issues. Topics may include environmental protection, disaster relief, national debt, health care, crime, income inequality, poverty, and financial bubbles. Analysis of government policy and contrasting economic perspectives will also be addressed. After completion of this course, students will be able to:
Understand the discipline of economics and its relationship to other social sciences.
Utilize the scientific method to study various economic problems.
Articulate the concepts of scarcity & opportunity cost.
Explain the economic perspective; in particular, how human behavior can be analyzed through costs & benefits, marginal thought, and incentives.
Understand the three fundamental economic questions of what, how, and for whom to produce. Provide a positive and normative analysis of the various economic systems that exist to answer these questions.