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ECON 101-04, Introduction to Economics, Fall 2008
Carden, Art
Carden, Art
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Economics, Department of, Syllabus, Curriculum, Academic departments, Text, 2008 Fall
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Abstract
Welcome to Economics 101. This is the introductory course in microeconomics, which studies the
behavior of individuals, firms, and governments in response to different incentives. The Rhodes College
Catalog describes the introductory economics sequence as follows:
A survey of economic analysis and institutions combining economic theory with a discussion of
applications to the U.S. economic system for majors and non-majors.
First semester (microeconomics): Study of the behavior of consumers and firms in competitive
and noncompetitive markets, and the consequences of this behavior for resource allocation and
income distribution. Consideration of government’s role in competitive and noncompetitive
markets.2
Economic analysis provides us with a way of thinking about the world that examines how people respond
to incentives. This course will help you learn to think like an economist. Mastering the “economic way
of thinking” will open up a whole new world of ideas, approaches, and perspectives.
In this course, you will learn how to apply the economic way of thinking to a variety of issues. This
course has several key topics: incentives, basic models of consumer and producer behavior (as well as
their applications), the workings of “supply and demand,” the causes and consequences of government
intervention, the social role of profit and loss, and the consequences of each for human well-being. The
Rhodes Vision states that “Rhodes College aspires to graduate students with a life-long passion for
learning, a compassion for others, and the ability to translate academic study and personal concern into
effective leadership and action in their communities and the world.” Understanding economics is integral
to the Rhodes Vision in that economics equips you with a unique critical perspective. While economic
analysis as such does not produce value judgments, careful economic reasoning can inform “effective
leadership and action” in that what you learn in this course will help you carefully evaluate and act on
policy proposals, whether it be in the boardroom or at the ballot box. This syllabus provides a tentative
guide to the course. The assignments and course outline are subject to change.
Description
This syllabus was submitted to the Rhodes College Office of Acdemic Affairs by the course instructor.