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This course introduces the fundamental theories of microeconomics and macroeconomics. The economic principles studied in this course apply to everyday life as students research a country, debate issues with trade agreements, discuss the effects of a shift in labor supply and demand, and discuss the strengths and weaknesses of the Consumer Price Index calculation. In particular, students choose a country in which they are interested and perform an economic analysis of the chosen country.
Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum.
University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality.
Mankiw, N. G. (2007). Principles of economics (4th ed.). Mason, OH: South-Western Cengage Learning.
All electronic materials are available on the student website.
Supplemental Resource Associate Level Writing Style Handbook, available online at https://ecampus.phoenix.edu/secure/aapd/CWE/pdfs/Associate_level_writing_style_handbook.pdf
Where to Go to Class
Main: This is the main forum for the class and is where discussion is conducted. It has read-and-write access for everyone. Chat-Room: This is a read-and-write access forum. It is designed as a place to discuss issues not related to the course content. This is the forum to which we will send our bios. There will be a weekly check in thread placed there so that your attendance is taken during non-DQ weeks. Course-Materials: This is a read-only forum, which means you can read messages here but cannot send any. This is where I will post the course syllabus and materials. Individual Forum: You will see one forum with your name on it. This is a private forum, shared only by you and me, the facilitator. Your classmates will not have access to this forum. You can ask questions here. However, if you have general questions about instructions of assignments, please post those in the Main forum, since other students may benefit by that exchange as well.
Course Topics & Objectives
Week One: Principles of Economics and Supply and Demand Explain the effects of the principles of economics on decision-making, interaction, and the workings of the economy. Compare and contrast positive and normative statements in economics. Determine the influence of price and quantity on market equilibrium. Week Two: Price and Income Elasticity of Demand Describe the effect that the necessity of a good has on price elasticity of demand. Describe the effect that the availability of substitutes has on price elasticity of demand. Explain the factors that affect supply and demand. Week Three: Inputs to the Production Process and Costs Explain the effect of supply and demand of labor on labor market equilibrium. Summarize the factors that affect labor supply and demand. Explain how firms determine whether to invest in additional capital or labor. Week Four: Markets and Types of Goods Compare and contrast public goods, private goods, common resources, and natural monopolies. Describe the characteristics of competitive markets, monopolies, and oligopolies. Explain how firms determine the output and price that maximizes profits. Week Five: Measuring Economic Health Describe the use of Gross Domestic Product (GDP) to measure the business cycle. Define inflation, unemployment, and the interest rate. Describe the roles