Principles of Economics

Economics is the science of scarcity. In this course you will begin to understand how individuals, firms, and societies allocate scarce resources. The first section of the course will focus on the study of microeconomics. We will learn how individuals and firms trade goods and services in a market economy, the implications of these trading decisions, and the effects of government intervention. In the second section of the course, we will study overall economic activity and its fluctuations. Topics in this section will include unemployment, inflation, and economic growth. Overall, the course serves as an introductory study of the fundamental principles of the operation of the market system, the determination of national income, and the role of money in the economy.