Economics (ECON)

A study of the overall performance of the economy. Following fundamental economic concepts of supply and demand, and exchange and specialization, the topics explored include the circular flow of money, income, and spending; the monetary and banking systems; the business cycle, unemployment and inflation; fiscal and monetary macroeconomic policy; economic growth and development; and the market economic system.

Study of the optimization under scarcity and determination of price and quantity in product, resource and financial markets. Topics discussed include consumer and producer theory, demand and supply elasticities, competition and monopoly, how the structure of competition impacts producer and consumer decisions as well as the wellbeing of society, also functional and individual income distribution, poverty and government intervention in markets.

The course covers the proper management of personal income and expenditures. Topics include: a study of inflation and business cycles, commercial and savings accounts, budgets, charge accounts, installment buying use of credit, home ownership, insurance and taxes.

This course examines monetary theory and policy with special attention to the monetary system, commercial banking, the thrift industry, central banking, and capital markets.