ECON 1000: Contemporary Economic Issues

2 Credit Hours

This course provides students with the knowledge and tools necessary to critically examine social and policy issues from an economic perspective. Fundamental economic questions as they relate to individuals, firms, and society in the modern global world are addressed. Students learn about different economic systems, how markets function, the role of government in the economy, the basis for international trade, measurement of macroeconomic performance, and the impact of globalization on living standards and economic growth.

Course Learning Outcomes
Students who successfully complete this course will be able to:

Correctly analyze a two-resource/two-output model of production.
Critically compare and contrast the relative advantages and disadvantages of various economic systems.
Identify and explain different sources of market failure.
Assess the positive and negative aspects of different economic policies enacted by the government (e.g., taxes, environmental regulation, income redistribution, monetary policy).
Understand and explain the importance of incentives for both individual decision-making and the design of government policy.