Introduction to Economics - C 102
- Explain the basic economic problem faced by all societies.
- Explain how a “free” market works (i.e. without government intervention).
- Justify the use of Government Involvement in Markets.
- Become proficient in drawing and analyzing economic graphs.
- Use quantitative measurements to explain how consumers and producers respond to changes in prices and income.
- Apply the concepts of market efficiency to explain how markets function and “fail to function” properly.
- Explain how economists model consumer and producer behavior.
- The Principles of Economics
- The Market Forces of Supply and Demand
- Elasticity and Its Application
- The Costs of Production
- Firms in Competitive Markets
- Monopoly, Monopolistic Competition and Oligopoly
- The Markets for the Factors of Production
- The Theory of Consumer Choice
- Measuring a Nation’s Income
- Production, Growth and Unemployment
- The Monetary System
- Open-Economy Macroeconomics: Basic Concepts
- Aggregate Demand and Aggregate Supply
- The influence of Monetary and Fiscal Policy on Aggregate Demand
Robert H. Frank, Principles of Economics 5th Edition. McGraw Hill, 2012
N.Gregory Mankiw, Principles of Economics 5th Edition. South-Western Cengage Learning. 2011