Introduction to Economics

Description

This course is an introduction to the fundamental concepts of economics based on the CORE (Curriculum Open-access Resources for Economics) approach. Students will learn how real economies work and will become familiar with the concepts and tools of the economic discipline. These concepts and tools are used by policy makers, academics and analysts to explain and address societal challenges such as poverty, climate change, inequality, inflation, and economic crises. After following this course students will be able to participate to discussions on economic issues, and they will be prepared to follow more advanced economic courses. Students who successfully complete this course will be able to: Describe the main historical stages of global economic development and the major factors that made the global economy what it is today. Define the main measures of economic performance and inequality. Define capitalism and discuss its relationship with economic development. Explain how social dilemmas can be dealt with by social norms, a regard for the wellbeing of others, and appropriate policies and institutions. Explain how institutions influence the fairness and efficiency of market outcomes. Explain the behavior of firms in various market types. Use the model of supply and demand to analyze how an event may affect prices and quantities. Explain what market failures are and what causes market failures. Explain key macroeconomic indicators (unemployment, inflation, inequality, GDP growth, real wages) Explain key macroeconomic policies (monetary policy, fiscal policy, taxation). Develop quantitative reasoning skills by working with graphs and by explaining the need for empirical methods that distinguish causation from correlation. Demonstrate fluency in basic economic terminology and tools. Explain economic reasoning to non economists. Discuss economic issues in ways that promote mutual understanding and inquiry.