Introduction to Economics

Course Description:

At its most basic level, economics is the study of how people make choices when they face a limited supply of resources. This course will introduce you to the fundamental principles of economics and help you answer questions such as, “why do people have to people make choices?”

Course Goals:

1. Understand the concept of scarcity and it’s role in the study of economics and how it imposes the idea of opportunity costs

  • Analyzing how economic incentives influence economic decisions made by individuals, households, businesses, governments, and societies about the use of scarce resources
  • Identifying economic goals and giving examples of trade-offs of economic goals

2. Understand how different economic systems impact decisions and the consumption, production, and distribution of scarce resources

  • Describe the relationships among supply, demand, and price and the role these elements play in the U.S. economic system
  • Understanding the determinants of change regarding supply and demand
  • Comparing and Contrasting the characteristics of different market structures

3. Understand the effects of trade, exchange and interdependence among individuals, households, businesses,