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ECON 120

Principles of Economics I
Name: Principles of Economics I
Course Number: ECON 120
Credit(s): 3

Course Description

ECON 120 Principles of Economics I introduces students to the primary economic principles, including macro and microeconomics, in a concise, straightforward examination of theoretical material and the applications of these principles to real-world contexts. Through this course, students also learn about economics as a social science and its historical roots, emphasizing the works of prominent figures in the founding of modern economics. Other topics covered in this course include the principles of scarcity and tradeoffs, supply and demand, productivity and costs, profit maximization, money creation, and incentives. 

Learning Outcomes:

  • Understand microeconomic factors, including the concept of markets, supply-and-demand framework, different types of competition, market failures, and an analysis of supply decisions by firms.
  • Learn and discuss macroeconomics, including the model of the macroeconomy, national income accounting, and potential macroeconomic goals, such as GDP growth, price stability, and reduced unemployment.
  • Critically analyze the competing macroeconomic paradigms of the Classical and Keynesian models as applied to the goods market, money, and the banking system.
  • Critically analyze extension models of economics, including the feminist and ecological economics schools of thought.

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