Principles of Economics: Introduction, Institutions & Philosophies
Course Number: EC 200
Transcript Title: Prin Econ: Intro, Inst & Phil
Created: September 1, 2012
Updated: August 27, 2019
Total Credits: 4
Lecture Hours: 40
Lecture / Lab Hours: 0
Lab Hours: 0
Satisfies Cultural Literacy requirement: No
Satisfies General Education requirement: Yes
Grading options: A-F (default), P-NP, audit
Repeats available for credit: 0
MTH 20 or equivalent placement test
Prerequisite / Concurrent
Introduces basic economic concepts including; microeconomics, macroeconomics, the history of economic ideas, international trade and a variety of economic issues. Recommended: MTH 60. Prerequisites: MTH 20 or equivalent placement test scores. Prerequisite/concurrent: WR 121. Audit available.
- Think critically and formulate independent and well-considered conclusions about economic issues and policies.
- Effectively participate in the political process and the economy by utilizing an understanding of the historical evolution of economic systems, institutions and ideologies.
- Make rational decisions based on rudimentary marginal analysis.
Alignment with Institutional Core Learning Outcomes
|Major||1. Communicate effectively using appropriate reading, writing, listening, and speaking skills. (Communication)|
|2. Creatively solve problems by using relevant methods of research, personal reflection, reasoning, and evaluation of information. (Critical thinking and Problem-Solving)|
|3. Extract, interpret, evaluate, communicate, and apply quantitative information and methods to solve problems, evaluate claims, and support decisions in their academic, professional and private lives. (Quantitative Literacy)|
|4. Use an understanding of cultural differences to constructively address issues that arise in the workplace and community. (Cultural Awareness)|
|5. Recognize the consequences of human activity upon our social and natural world. (Community and Environmental Responsibility)|
To establish an intentional learning environment, Core Learning Outcomes (CLOs) require a clear definition of instructional strategies, evidence of recurrent instruction, and employment of several assessment modes.
- The outcome is addressed recurrently in the curriculum, regularly enough to establish a thorough understanding.
- Students can demonstrate and are assessed on a thorough understanding of the outcome.
- The outcome is addressed adequately in the curriculum, establishing fundamental understanding.
- Students can demonstrate and are assessed on a fundamental understanding of the outcome.
Outcome Assessment Strategies
Traditional and nontraditional techniques will be used to assess student mastery of the content, competencies, and outcomes. These techniques can assess either student products or processes.
- Products: multiple choice exams, essays, individual group projects, student demonstrations, research projects, other projects with specified rating criteria, and portfolios.
- Processes: interviews, documented observations, web searches, journals, student self-evaluations.
Course Activities and Design
The determination of teaching strategies used in the delivery of outcomes is generally left to the discretion of the instructor. Here are some strategies that you might consider when designing your course: lecture, small group/forum discussion, flipped classroom, dyads, oral presentation, role play, simulation scenarios, group projects, service learning projects, hands-on lab, peer review/workshops, cooperative learning (jigsaw, fishbowl), inquiry based instruction, differentiated instruction (learning centers), graphic organizers, etc.
Course Content (Themes, Concepts, Issues and Skills)
- Basic economic concepts such as scarcity and choice, opportunity cost, and the basic economic problems.
- The causes of industrialization and the development of the market system which would include the evolution of the market system, and the basis of supply and demand, market efficiency, and elasticity.
- Some of the major economic philosophies that have influenced the U.S. political economy which may include: Adam Smith, Karl Marx, Alfred Marshall, Thorstein Veblen, and John Maynard Keynes.
- The Consumer sector; household demographics, income distribution, poverty, and Government anti-poverty programs.
- The current structure of the American business sector.
- A simple treatment of aggregate supply and aggregate demand.
- The Government Sector: the evolution of Federal and State government, the current spending and taxation patterns, the benefits and problems of government intervention.
- Current issues in the American economy, such as health care, social security, environmental protection, and budget and trade deficits.
- International trade: comparative advantages, exchange rates, balance of payments, tariffs and quotas, international institutions, developing nations, and reform policies in former command economies.
Skills and competencies
- Build a vocabulary of economic terms that will enable the student to find the daily reading of papers and periodicals easier and more meaningful.
- Develop the ability to summarize an economic argument, understand economic reports, and to discern between positive and normative statements.
- Develop the ability to acquire and analyze quantitative data and make mathematical computations using formulas.
- Develop the ability to use and apply theoretical models.
- Develop the ability to conduct cost/benefit analysis.
- Develop the ability to think clearly about social and environmental problems in an orderly and objective way.