ECO 101 - Introduction to Economics
A one-semester, non-technical course designed to answer questions about the economy. How and why does our market economic system work? Why is there inflation and/or unemployment and what are their remedies? How does the government influence your future economic well-being? Where are we on the business cycle? What are the causes and consequences of our growing national debt? What is the Federal Reserve and how does its monetary policy affect you and the interest rate? How is the emerging global interdependence of countries changing our economy and your life? This course will help you understand the economic environment in which you live, work, and vote. This course is not recommended as a Social Science Elective for students enrolled in A.S. programs in Business Administration or International Business. Three class hours. (SUNY-SS)
Course Learning Outcomes
1. Compare and contrast the elements of Macroeconomics and Microeconomics.
2. Predict various economic outcomes by constructing and manipulating supply and demand curves.
3. Differentiate between the various types of unemployment and list their causes and remedies.
4. Compare and contrast Demand Pull and Cost Push Inflation in terms of their effects on the economy (such as interest rates, purchasing power and income redistribution).
5. Distinguish between Fiscal and Monetary Policy and the tools that each uses in order to impact inflationary and recessionary situations in the economy.
Course Offered Fall and Spring