MG1070 Introduction to Economics

This is an introductory survey course in economics. The main purpose of the course to is to expose students to the fundamentals of economic analysis. During the study of this course, you will be introduced to basic economic concepts such as scarcity, opportunity cost, market mecha­nism, and price determination. In the area of microeco­nomics, analysis of production and costs, market structure, and government regulations of markets will be included. In macroeconomics, discussions include Gross Domestic Product, financial markets, and the Federal Reserve System and its policies. In addition, we will discuss the unemploy­ment and inflation problem, and government stabilization policies. Finally, you will be introduced to international aspect of our economy. The emphasis throughout will be real economic applications of these basic concepts.

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