Download 24TECO 120 24TSurvey of Economics

Revised: Fall 2015
ECO 120
Survey of Economics
24T
24T
COURSE OUTLINE
Prerequisites: None
Course Description:
Presents a broad overview of economic theory, history, development, and application.
Introduces terms, definitions, policies, and philosophies of market economies. Provides some
comparison with other economic systems. Includes some degree of exposure to microeconomic
and macroeconomic concepts.
As an introductory course, it provides a general overview of the fundamental processes,
language and analyses used in economics. It surveys major economic themes and issues
confronting contemporary society to show the relationship between economics and the other
social sciences.
Semester Credits: 3 Lecture Hours: 3
1T
1T
VIRGINIA WESTERN COMMUNITY COLLEGE
PO Box 14007
Roanoke, VA 24038
(540)-857-7273
ECO 120: Survey of Economics
Course Outcomes:
At the completion of this course, the student should be able to:
• Distinguish between various economic systems.
• Identify the influences of competitive markets of various structures on society and
global affairs.
• Identify the influences of supply and demand on society and global affairs.
• Examine the basics of monetary and fiscal policy and how these tools can be used
to influence the macroeconomy.
• Distinguish between microeconomics and macroeconomics.
• Apply economic reasoning to understand effects of economy related forces on the
daily lives of people worldwide.
• Use marginal analysis to understand the primary economic issues facing society
and learn to apply marginal analysis towards better personal decision-making.
VIRGINIA WESTERN COMMUNITY COLLEGE
PO Box 14007
Roanoke, VA 24038
(540)-857-7273
ECO 120: Survey of Economics
Required Materials:
1. Textbook
2. Internet access
3. Blackboard
Textbook:
Schiller, Bradley. Essentials of Economics . New York: McGraw-Hill/Irwin, 9th ed., 2014.
ISBN: 9780078021732
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The following supplementary materials are available: None
VIRGINIA WESTERN COMMUNITY COLLEGE
PO Box 14007
Roanoke, VA 24038
(540)-857-7273
ECO 120: Survey of Economics
Topical Description:
• Introduction to Economics
o Scarcity, What, How and For Whom, Choice Mechanisms, Market Failure,
Government Failure, Macro vs. Micro, Review of basic graphing
• The American Economy
o Mix of output, Factors of production, Business organization, Distribution of income,
Income mobility, Global poverty
• Supply and Demand
o Market participants, Market interactions, Demand, Supply, Movements along vs.
Shifts, Equilibrium, Disequalibrium
• Consumer Demand
o Determinants of Demand, Utility theory, Price elasticity
• Supply Decisions
o Production function, Cost curves, Short run and long run decisions, Economic vs.
accounting costs and nature of profit
• Competition
o Perfect competition, Firms’ production decisions, Profit maximization, Entry and Exit,
Virtues of competition
• Monopoly
o Price vs. Marginal Revenue, Monopoly behavior, Barriers to entry, Comparative
outcomes, Possible good aspects of monopoly
• Labor Market
o Supply, Demand, Hiring decision, Market equilibrium, Changing market outcomes
• Government Intervention
o Market failure, Public goods, Externalities, Market power, Macroeconomic instability
• Business Cycles
o Assessing Macro performance, GDP growth, Unemployment, Inflation
• Aggregate Supply and Demand
o Macro determinants, Classical theory, Keynesian theory, Aggregate supply and
demand model,, Macro failures, Competing theories of short run instability, Policy
options
• Fiscal Policy
o Components of aggregate demand, Fiscal stimulus, Fiscal restraint, Budget deficits
• Money and Banking
VIRGINIA WESTERN COMMUNITY COLLEGE
PO Box 14007
Roanoke, VA 24038
(540)-857-7273
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o Uses and types of money, Money supply, Creation of money, Money Multiplier, Macro
role of banks
Monetary Policy
o Federal Reserve System, Monetary tools, Shifting aggregate demand, Price vs.
output effects, Rules or discretion
Economic Growth
o Short run vs. long run, Nominal vs. real GDP, Growth indexes, Sources of productivity
growth, Policy levers, Desirability of growth
Theory and Reality
o Policy tools, Idealized uses, The economic record, Why things don’t always work,
Hands on or hands off?
International Trade and Finance
o US trade patterns, Motivation to trade, Comparative advantage, Terms of trade,
Protectionism, Barriers to trade, Exchange rates, Balance of payments
VIRGINIA WESTERN COMMUNITY COLLEGE
PO Box 14007
Roanoke, VA 24038
(540)-857-7273
ECO 120: Survey of Economics
Notes to Instructors
• None
VIRGINIA WESTERN COMMUNITY COLLEGE
PO Box 14007
Roanoke, VA 24038
(540)-857-7273