This course deals with both microeconomics and macroeconomics. Topics include the nature of economics, basic concepts in production, growth, trade, laws of supply and demand, output, costs and various structures of industry. It also deals with the measurement of GDP and the nature of money.
Hours: 45 (Lecture Hours: 45)
- The Economic Problem
- Competitive Dynamics & Government
- Costs of Production
- Perfect Competition
- Monopoly and Imperfect Competition
- Measures of Economic Activity
- Foreign Trade
- Economic Growth
At the end of the course, the student will be able to:
- Define and explain basic economic terms, concepts and principles.
- Explain to the non-economist the fundamental economic problem of scarcity and choice
- Specify the relationships between significant economic variables
- Analyze profit maximization decisions of businesses
- Critique and use national income statistics
- Explain the important role money plays in fostering economic development
- Identify the gains from trade and sources of comparative advantage
- Examine the relationship between economic growth and the standard of living in Canada
Grading System: Letter Grades
Passing Grade: D (50%)
Textbooks are subject to change. Please contact the bookstore at your local campus for current book lists.