Economics

Classes

ECN 111 : Principles of Economics-Macro

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.

Credits

3
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.

ECN 112 : Principles of Economics-Micro

Principles underlying the organization and function of the market economy, including supply and demand, the theory of the firm, resource allocation under conditions of perfect competition, monopolistic competition and oligopoly, the relationship of government and business, pricing, employment of resources, and wages, rents, interests, and profits. 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. Gen. Ed. Competencies Met: Multicultural and Social Perspectives.

Credits

3
1. Define scarcity and show how it relates to the concepts of choice and opportunity cost. 2. Identify the key elements of the demand and supply model and use the model to critically analyze real world examples. 3. Explain the economic behavior of individual firms in the short run and long run. 4. Illustrate how prices and output are determined in various market structures based on microeconomic models. 5. Apply the model of perfect competition to predict the price, output, and welfare implications of several public policy interventions, including taxation, minimum wages, and rent control. 6. Interpret the meaning of marginal revenue and marginal cost and their relevance for firm profitability. 7. Define economic efficiency and how it is impacted by different market structures.

ECN 251 : Money and Banking

Examination and analysis of money, structure and operation of the financial system, monetary theory, central banking, and monetary policy. Prerequisite: ECN 111 or permission of instructor. Three lecture hours per week. Gen. Ed. Competencies Met: Critical Thinking and Quantitative and Symbolic Reasoning.

Credits

3
  1. Explain the role of money and banks in the broader economy.
  2. Explain the importance of financial markets in the economy, and identify financial market participants.
  3. Identify and describe some of the more common instruments used in financial markets.
  4. Describe the basic structure and functions of the Federal Reserve System.
  5. Describe monetary policy through the operating procedures of the Federal Reserve System.
  6. Analyze the causes, policy responses, and lessons associated with financial market crises.