ECON 100-07, Introduction to Economics, Fall 2010

Abstract

To provide a thorough introduction to economic theory. We will use the basic ideas of tradeoffs, opportunity cost, and the benefits of trade to understand how consumers and suppliers make choices, how market prices are determined by the forces of supply and demand, and how market economies are efficient. We will also explore the short- and long-run impacts of government actions on consumers’ and producers’ incentives and decision-making. An understanding of economic theory and the effects of economic policy is beneficial for every student, that he may make rational, informed choices whether his future lies in business, science, the arts, government, or non-profit organizations.