This course provides an overview of microeconomic and macroeconomic issues and an understanding of the economic choices that individuals, firms, and governments face. It also introduces the concept of scarcity and the working process of a market economic system. Further, this course examines the different market structures, the role of the firm and the impact of government intervention on markets. Finally, this course discusses the meaning and computation of national income, inflation, unemployment, economic growth, international trade, and the impact of fiscal and monetary policies on the economy. F, S

ECO221 Principles of Macroeconomics (3-0-3)

This course provides an analytical framework for the understanding of the economy at the national level. This course will also analyze the purpose and functions of national income accounting, the components of Gross Domestic Product, the determinants of long run economic growth, the causes and costs of inflation and unemployment. In addition, this course will cover the economic impacts of fiscal and monetary policies and the differences between short run and long run macroeconomic aspects of the economy. Finally, this course will examine the importance of the U.S. financial system, the macroeconomic effects of international trade and the determination of interest and exchange rates. F,S

ECO223 Principles of Microeconomics (3-0-3)

This course develops an analytical framework for the understanding of the theory of markets, including the decision-making process in businesses, the impact of technological advances on markets and the functioning of the four different market structures. This course will also provide a closer look at the interactions of individual households, business firms and governments in the marketplace. Finally, this course will discuss economic issues related to the well-being of market participants, the tradeoffs between equity and efficiency, the economics of taxation and subsidies, the economics of healthcare, the economics of poverty and income inequality, labor market issues and the basis of free trade. F, S