EconS 404  Introduction to Micro and Macro Economics

Course Overview
This course in Economics covers both microeconomics and macroeconomics.

Microeconomics is the study and analysis of the behavior of an economy's individual segments: consumers, workers and other owners of productive resources, firms, goods and services market, etc. Microeconomics shows how consumer, production decisions, and income distribution process are all integrated through the market mechanism. Understanding these processes helps us make rational decisions in the real-world situations.

Macroeconomics is designed to give you an understanding of national income, unemployment and information, among other important issues. It also discusses the ways the government can and cannot regulate the economy.
3 credits.

Course Objectives
When you successfully complete this course, you will have developed and/or enhanced the following skills:
  1. To show how prices, output, and wages/salaries of workers are determined in a free market economy.

  2. The most important issue we will try to understand is that all resources are exhaustible and scarce. Therefore, any resource has an opportunity cost which rises as resources become scarce.

  3. To introduce important macroeconomic concepts necessary to function in a modern society.

  4. To promote an understanding of the effects of macroeconomic policies on the business management.