Principles underlying the organization and functioning of the economic system are presented in a broad social context embracing issues that affect business, government, and the community. Particular attention is given to the theory of the determination of the general levels of income, employment, and prices. In addition, contemporary economic issues are presented to reinforce theoretical concepts. Prerequisite: A passing score on the College's writing and reading placement tests or C or better or concurrent enrollment in ENG 091 or ENG 092. Three lecture hours per week. Gen. Ed. Competencies Met: Multicultural and Social Perspectives.
1. Interpret the economy in quantitative terms with the help of national statistics. 2. Define key macroeconomic indicators, including GDP, the rate of inflation, the rate of unemployment, the government budget deficit, the trade deficit, and the exchange rate. 3. Evaluate the economic challenges of unemployment, inflation, and economic growth with the help of economic models. 4. Analyze the contemporary banking and monetary system. 5. Describe the role of international trade and government spending on domestic economic activity. 6. Evaluate the factors that contribute to or hinder economic growth, development, and inequality. 7. Relate economic concepts to real-world events and critically evaluate the impact of economic policy.