EC 115 Outline of Economics
Provides an overview of micro- and macroeconomics. The U.S. economic system is discussed from both national and individual perspectives. Discusses topics such as supply and demand, national accounting, monetary policy, fiscal policy, productivity, market models, income, wealth and taxation.
Notes
Lower Division Transfer (LDT) Course
General Education Requirements
AGS Social Science, AAOT Social Sciences,
Outcomes
Upon successful completion of this course, students will be able to:
Define standard terms used by economists including: microeconomics, scarcity, macroeconomics, inflation, (inter) national accounting, balance of payments, and trade deficits. Use the supply and demand model to predict how price and quantity changes with variations in consumer wants and producers output. Show how the four market models of perfect competition, monopolistic competition, oligopoly, and monopoly influence prices and quantities of goods produced. Explain the concept of Gross Domestic Product. Describe and contrast monetary and fiscal policy. Explain and calculate the multiplier effect.